Bank Verification Number (BVN) was launched on 14th February 2014 by Nigeria’s Apex in conjunction with Nigeria Interbank Settlement System (NIBS). This was done in accordance to the Central Bank of Nigeria Act 1958 to reduce fraud in the banking sector.
What Is BVN?
According to NIBSS website, Bank Verification Number also known as BVN is an 11 digit number. The BVN serves as your universal ID in all the banks or financial institutions in the country.
This special number labeled as the Bank Verification Number (BVN) is uniquely generated for an individual customer of one or more of the banks in Nigeria.
This single number connects all of the person’s bank accounts in every one of the banks in which he/she owns an account.
Importance Of BVN
- Bank accounts of customers are protected from unauthorized access.
- It tackles cases of identity theft and consequently cuts out the exposure to fraud.
- The biometric identification system employed to increase the odds of the Banking Industry in being able to fish out blacklisted customers.
- It exposes fraudulent accounts and unusual financial activities on an individual’s bank account.
- The BVN system standardizes the efficiency of banking operations.
- Reduces banking hall queue
- Individual bank customer will under the system posses a unique BVN which is accepted as a means of identification across all Nigerian banks.
How To Register For BVN In All Nigerian Banks
Outline here, is a quick and easy steps to register for you BVN in Nigeria. In case you are yet to register for yours, follow these step.
- Walk into any bank branch that is closest to you (preferably the bank where you already own or where you want to open an account)
- Request for their BVN enrolment form
- Fill and submit the BVN form
- Go through their biometric data capturing procedure (fingerprinting, facial image capturing)
- You will be issued with an acknowledgment slip that carries a set of numbers called the transaction ID. Keep the slip in a safe place.
- In a matter of minutes you will be given your BVN directly and/or within an hour or the BVN will be sent to your mobile through the phone number linked to your account.
- Proceed to link the BVN to all your account numbers.
How To Check For Your BVN
- You can walk to the bank with the Transaction ID or account issued to you when you enrolled for the BVN and request for your BVN.
- You can check for your unique BVN on your mobile banking apps but this requires an Internet connection.
- You can check your Bank Verification Number BVN directly on your phone using a USSD code that is available on all the mobile networks for all of the banks in Nigeria – that is Access, Diamond, Ecobank, Enterprise, FCMB, Fidelity, First Bank, GTBank, Heritage, IBTC, Jaiz, Keystone, UBA, Union, Unity, Stanbic Skye, Sterling, Wema, and Zenith.
How To Check For Your BVN With Your Mobile Phone Using USSD Code
If you are looking for how to check or retrieve your BVN without visiting your bank or using the ATM, this method is applicable to you.
MAKE SURE THE NUMBER USED IN DIALING THE CODE IS THE ONE ASSOCIATED WITH YOUR BANK ACCOUNT.
Check BVN number with your mobile phone on the various mobile networks MTN, Airtel, GLO or 9Mobile (Etisalat) network by;
- With the line registered on your bank account dial *565*0#
- Wait for a few seconds for the NIBSS to respond with your 11-digits BVN
- There is a charge of twenty Naira (#20.00) attached to the inquiry.
For security reasons, you are advised not to reveal your BVN to any unauthorized persons, care should be taken when using it online especially on unknown sites. You should disregard any text messages or emails that ask for your BVN. Please contact your Bank when you receive such messages in order not to compromise accounts.
Next topic will be how to verify your BVN Data online with NIBSS platform. Subscribe to our newsletter and be among the first to receive our latest post on your inbox or follow us on our social channels with the links.
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