You must have come across the advert on TV or radio about getting your own bank verification number(BVN), however most people do not have a clue about what it is meant for.
What Is Bank Verification Number?
Bank Verification Number, BVN, is part of the Central Bank of Nigeria cashless policy to capture customers’ data and check fraud in the banking system. It is an initiative of the CBN to give every customer in the Nigerian banking system a unique identification number that can be verified across all banks in Nigeria.
What Is The Cashless Policy in Nigeria?
The cashless policy in Nigeria was designed by The Central Bank of Nigeria to reduce the amount of physical cash circulating in the economy nationwide.
Things You Should Know About The Bank Verification Number in Nigeria (BVN)
1. The enrollment process for acquiring your BVN is simple.
2. Visit any branch of the bank you have an account with. Registration by proxy not acceptable.
3. Collect and fill the BVN enrollment form with all personal data about you.
4. Submit the completed form to a designated official at your bank, who would then transfer the information given into a computer data base.
5. The official will take your photograph and finger prints.
6. You will sign your signature that will be captured electronically into the data system.
7. A small temporary registration acknowledgement slip will be issued to you, followed by an email or SMS conveying a similar information.
8. A BVN identification card with a computer chip bearing your embedded personal information will be issued to you for collection at your designated bank branch.
9. BVN registration exercise is mandatory for all individual customers.
10. Registration must be completed on or before June 30, 2015.
11. After deadline, you may not be able to do any financial transaction in any bank in the Nigerian banking system as you will require your fingerprint for authentication.
12. BVN registration is for individual account holders for the meantime till further notice.
13. Registration in one bank covers all accounts the individual might have in all other banks.