For every transaction carried out with any financial institution in the country, BVN has become a necessary requirement to meet. It is no longer an option to consider but mandatory for successful transactions using your bank account.
What is BVN?
Often referred to as BVN, Bank Verification Number is a unique identifier that is assigned to every bank customer in Nigeria. As a customer of any bank, you are expected to have your personal BVN distinct from others. Bank Verification Number was first introduced to bank customers in 2014 by the apex and regulatory bank in Nigeria, the Central Bank of Nigeria.
The purpose for which it was created was to prevent identity theft, reduce fraud, improve security and banking operations. Sadly, these are issues that are still prevalent among financial institutions despite the introduction of BVN.
BVN also links all bank accounts of an individual, enabling banks to verify customer identities and track transactions.
Purpose of BVN
BVN is designed to serve the purpose of which includes compliance with global best practices, easy identification, secure transactions and so on. It is also introduced to help banks detect and prevent fraudulent activities. The introduction of BVN is to help customers access their accounts securely, enabling banks to provide improved services.
Who is Responsible for Monitoring BVN?
The authorities that are saddled with the responsibility of overseeing BVN are the Central Bank of Nigeria and the Nigeria Interbank Settlement System, ensuring both integrity and effectiveness.
Benefits of BVN
The benefits of BVN are identified as follows:Secure transactions: ensuring only authorized individuals have access to accounts.
Easy identification: customer’s identification is simplified across banks through BVN.
Compliance: it is designed to adhere to global best practices. Fraud detection: it helps in detecting and preventing frauds.
How to Enroll for BVN
Since BVN is designed for bank customers and is considered mandatory, here are the steps to follow get yours:
Visit any branch of your bank.
Fill and complete the BVN enrollment form
Provide requirements: Valid ID, utility, account details, etc.
Biometric data capture: provide biometric data (fingerprint, facial recognition).Receive BVN: your BVN would be provided immediately or within 24 hours. These steps answers how to enroll for BVN.
Alternative Method of Enrolling for BVN
If going to the bank doesn’t work for you, try these alternatives:
Online banking: check if your bank offers online BVN enrollment.
Mobile banking app: some select banks provide BVN enrollment through mobile apps.
BVN enrollment centers: designated centers for BVN enrollment can also assist with that.
Remember that BVN is free; it is also required for all bank customers, it is distinct in that one BVN is to one person. If you have concerns related to enrolling for BVN, then visit any of your bank branches.
