The Bank Verification Number (BVN) is one of the many features introduced into the Nigerian banking system in Nigeria that is revamping the sector to curb unacceptable financial activities.
Since Nigeria’s first attempt at having an organized banking system in 1989, when the first known public banking institution was founded, the Nigerian financial sector has seen much instability and failure.
Some of the failures experienced by the banking system over time have been traced to mismanagement of depositors’ funds and sometimes fraudulent activities.
Since then, several policies have been implemented to prevent the system from failing and ensure its growth, thanks to the contributions of institutions like the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Commission (NDIC), and others.
One such regulation is the use of the Bank Verification Number, which was implemented in line with the Act of 1958.
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What is BVN?
The CBN launched the Bank Verification Number in collaboration with the Bankers’ Committee, NIBSS, on February 14, 2014, to checkmate fraudulent activities in the Nigerian banking system.
It is a unique set of 11 digits issued upon biometric registration at any banking institution. BVN verifies and validates the customers’ identities seamlessly across multiple and interoperable electronic platforms.
The effectiveness of the number is obtained from its linkage to all bank accounts of an individual and, consequentially, all their bank transactions. Hence, an individual’s information is reflected if their account with any banking institution is used in committing any financial fraud.
The BVN database is searched to display relevant information about an individual. This is called bio-data, which includes names, phone numbers, addresses, and dates of birth.
It can be likened to a security number, but for banks and other financial institutions to identify an individual with their bank account details.
How to get the BVN
The process involved in obtaining a BVN is relatively straightforward. An individual is only required to step into any banking hall with a valid ID which can be their voter’s card, National identity card, or even their international passport. Then they are given a form to fill in their details.
Afterwards, they are expected to carry out their biometrics registration, which requires the capture of their thumbprints, signatures, and faces before they are given a ticket ID on a slip, enabling them to receive their BVN a few days later.
However, it is possible that the BVN can be forgotten if crammed or misplaced if stored somewhere. While many may advise individuals to store them as a contact or a file on their mobile phones, this is highly risky.
Hence, do not fret or be agitated if you need to retrieve your BVN. This article will help you with simple steps that can assist you in retrieving your BVN on your mobile phones on your chosen network provider.
How to retrieve your BVN on your mobile (MTN, GLO, Airtel, and 9mobile)
The first step before using this service is to confirm that the line you intend to use is the one with which the BVN was registered. If you register with MTN, you cannot check your BVN using an Airtel line.
However, when the sim you use to open the account is missing, you ought to log into the NIBSS BVN Online Portal, enter some of your details, enter your password, and then click login.
But, if you still have the sim card you used during the account opening or linked to your bank account, follow these steps.
- For all Networks, dial *565*0#
- Wait until your 11-digit number pops up.
- 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 N20 for the transaction using any network provider.
One good thing about the retrieval process is uniformity with all mobile network providers, and there is no distinction in the process regardless of the bank that issued the BVN.
The same code is used to check as any bank’s customer because everyone is allocated one unique BVN that’s linked across all the banks. This means if you have accounts with all the banks in Nigeria, you’ll still have one number that links all of them back to you.
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