3 December 2017

Bank Verification Number BVN: History,Advantages And Disadvantages,Importance,Benefits & Problems

bank-verification-number-bvn-all-you-need-to-know

If you have a bank account in Nigeria that is still functional
,then I guess by now you must have enrolled for the BVN. 




A lot of Nigerians took part in the program without even knowing the reason why they were registering in the first place.

This post will explain to you all you need to know about the Bank Verification Number BVN.

Bank Verification Number BVN

Q: What is the Bank Verification Number BVN And It's History?

The Bank Verification Number popularly called BVN is a biometric identification system implemented by the Central Bank of Nigeria (CBN) inother to reduce illegal banking transactions in Nigeria,it's main purpose is to reduce the rate of fraudulent banking in Nigeria's banking system.

Q: Advantages,Importance and Benefits of the BVN?

Listed below are some of the importance and benefits of the BVN,first of all the BVN ensures that your account is secured and protected from unauthorized access and it is also a reliable and acceptable means of identification across all Banks in Nigeria.

Other benefits of the BVN include:
  • Helps to prevent issues of identity theft,and helps to reduce fraud.
  • The BVN will enhance the banking Industry chances of being able to fish out blacklisted customers
  • It also helps to reduce queue in banking Halls
  • Encourages standardized efficiency of banking operations
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Q: What are the problems associated with BVN?

During the inception of the BVN, fraudsters attempted to phish for customers bank details,also customers with different bank accounts under different names found it difficult to link all their Bank accounts because their bank accounts had different names.

Q: How to register for your BVN?

You will be required to present the following items before registration: 

Visit any branch of your bank,make sure you have any one of these valid form of Identification: 
  • International Passport
  • Drivers Licence
  • Voters’ Registration Card
  • National ID Card and 
  • One recent passport photograph

1. Collect and promptly fill the BVN enrollment form with all personal data about you,make sure you make no mstake. 

2. Submit the completed form to the designated person in charge of the enrollment.

3. Your photograph and finger prints will be taken. 

4. You will sign your signature and it will be captured electronically into the data system.

5. A temporary registration acknowledgment slip will be given to you,an email or SMS conveying the same information might be sent to you.

Recommended: How To Check Your BVN Number Though Your Mobile Phone 6. You will be issued a card which contains personal details including your BVN number.
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7. BVN registration exercise is mandatory for all individual customers.

8. Registration in one bank covers all your other bank accounts with other banks.

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