Do you have a bank account in Nigeria? If you do, you must be conversant about what BVN is and what it stands for, well if you don’t this article will help you out on that. So, it’s best to read to the end.
The Bank Verification Number(BVN) is used by every bank account owner in Nigeria. This is because you can’t have a functional bank account without this unique number.
The Central Bank of Nigeria had designed the banking system of Nigeria in such a way that no bank account can be in operation without this unique code.
In this study, we will focus on what Bank Verification Number (BVN) stands for, the benefits of BVN, and most importantly how you can get your BVN on your mobile phone.
Bank Verification Number(BVN) Overview
The Bank Verification Number (BVN) is a biometric identification number that is used to ensure easy identification and verification of every bank account and bank operation performed by an individual in Nigeria.
It is an eleven (11) digit number that is unique to each individual and is the same across all bank institutions for the same individual, this simply means that you need only one BVN for all your bank account irrespective of the bank you make use of.
From the moment you set up your first bank account, your BVN will be issued to you and it’s this same BVN number that you can then use to open as many bank accounts in as many banks as you deem fit.
Some people get this misconception that a different Bank Verification Number is required for different bank accounts but this is not actually true because irrespective of the bank account or the bank involved, your Bank Verification Number remains the same.
The BVN was implemented by the Central Bank of Nigeria to strengthen the security of every bank transaction made and to totally eliminate or at least minimize illegal and fraudulent bank transactions in Nigeria.
Note that as long as you are a citizen of Nigeria the prerequisite to owning and operating a bank account in Nigeria is that you must first have a Bank Verification Number.
Reason Why Bank Verification Number (BVN) Was Made Available on Mobile Phone
As the world begins to change, technology is also evolving to make things easier and this also applies to the banking system.
Can you recall that there was actually a point in time where for you to perform any bank transaction and operation, you had to go into the bank but this proved to be a bit strenuous, it lead to banks being crowded and most times customers were not attended to?
But right now, from the comfort of your home and with your mobile device you can actually conduct any financial transaction you want ranging from transfers, deposits e.t.c. without having to go to the bank and this also applies when getting your BVN.
Do you know irrespective of the fact that your BVN only has 11 digits most Nigerians still don’t really know their BVN number off hand or even have a copy of it anywhere?
According to a survey, the reason why this is so is that most Nigerians have not really placed too much significance on it, they only have it or make use of it because it is a necessity.
But it dawned on most people that when it’s been needed the most, that’s when there is a problem, they will have to go to the bank and it will probably slow down whatever transaction they want to perform, so a solution had to be put into place to solve this problem.
The Central Bank of Nigeria had to derive a system to enable people easily get access to their BVN anytime and anywhere without going to the bank.
And what better way to get this done than with your mobile number. Everyone knows that majority of Nigerians if not all make use of a mobile device with which they carry about to use in their daily activities.
The best part about it is that you don’t need a classic mobile device or require an internet connection to get your BVN code.
With your mobile device, you can easily get access to your BVN number.
Read Also: Top 6 Mobile Payment Apps
How to check BVN on MTN, Airtel, GLO, and 9mobile
The first thing to do before using this service is to ensure that whatever line you wish to use is the one you registered the BVN with. For example, If you registered with MTN, you can’t use an Airtel line to check your BVN. You can only make use of the line you used during your BVN enrollment
After that has been established, you can now go ahead and check your BVN with these simple steps:
- Go to your phone dialer and dial the USSD code *565*0#. This code applies to all lines irrespective of the Network
- Wait a bit until the 11-digit number pops up.
- Then copy the number, You can either copy it for immediate use or save it for later. However, the service is not free and you’ll be charged 20 Naira for the transaction. So, saving for later use is advisable for people who can’t afford to tip telecoms a whole 20 bucks every time they check their BVN.
That’s all that is required. It’s of utmost importance to note that you can check your BVN code number for any bank in Nigeria with the same code.
Below Are The Benefits Of The Bank Verification Number in Nigeria.
- The unique BVN is accepted as a means of identification across all banks in Nigeria.
- BVN offers the verification and validation of the customers’ identities.
- With BVN, Financial institutions can easily track customers, especially in loan repayment.
- BVN limits Cyberfraud.
- The BVN database display relevant information about an individual; this is called the bio-data (it includes names, phone numbers, addresses, and dates of birth).
- BVN helps reduce queues in Banking Halls.
- Standardized efficiency of Banking operations.
How To Get Your BVN Number
Getting a BVN number is for people who are opening an account for the first time.
You can recall that you only have access to one BVN number, irrespective of how many bank accounts or banks you make use of. You can get a BVN number from any bank and then link it to all your bank accounts.
Below is the step-by-step guide on how to enroll for your Bank Verification Number in Nigeria. Follow the steps below to obtain a BVN.
- Walk into any branch of your bank.
- Fill in and submit the BVN Enrolment form.
- Present yourself for data capturing (such as Fingerprint, facial Image, etc.)
- An acknowledgment slip with the transaction ID is issued to you.
- Within 24 hours, the system confirms your application, your BVN is generated, and you receive an SMS for pickup.
Recommended: Paystack Payment Platform – All You Need To Know
So there you have it, in case you don’t know your BVN, no need to fright or even stress yourself going to the bank, only dial the code *565*0# and you can have access to your BVN. Ensure you safeguard your BVN number, this number might be simple but it holds great significance for every bank account holder in Nigeria. Remember the code is *565*0# for all networks.