Bank Verification Number is referred to as BVN. It is a set of 11 digits that is connected to your bank account and, consequently, every transaction you do with a bank. The BVN is constant no matter the number of accounts you are operating.
The Nigerian government implemented a biometric identification system known as the BVN. This development was implemented to lessen and ultimately stop fraudulent and illegal banking activities in Nigeria. The BVN is one of the essential credentials you need. It is nearly impossible to open a bank account with your BVN.
It basically functions as your identity in the financial sector and may monitor your activity across several institutions. It is mandatory that, after signing up for a BVN, individuals with several bank accounts link each one to the same BVN to avoid any issues with your account.
How to Check Your BVN on MTN, Airtel, GLO, and 9mobile
The BVN is so easy to forget because it is 11 digits. Not everyone can store these digits in their brain. Here is a simple, easy-to-check your BVN instead of stressing yourself by trying to know the numbers.
First, ensure that the line you intend to use is the one associated with the BVN registration.
For instance, you cannot check your BVN using an Airtel line if you enrolled for your BVN with your MTN line.
Once you have confirmed the first step, you can proceed to check your BVN by dialing the USSD code *565*0# using your phone’s dialer.
When the 11-digit number appears, it is essential to note down the number because the service is N20 for every transaction. That is, every time you try to check your BVN, you will be charged twenty naira.
If you can save the number in a secure place, it is advisable to do so.
However, if you are not sure of the place you want to save it, it is better to leave the number to avoid anyone using it for fraudulent activities.
The USSD code, *565*0#, can be used to check your bank verification number (BVN) on any telecommunication network in Nigeria, either MTN, Glo, Airtel, or 9Mobile.
How To Register for A BVN
The process of registering for a BVN is relatively easy to understand. To register successfully, follow these steps:
- Visit your bank and ask for a BVN enrollment form. Ensure you have a valid ID with you (voter’s card, driver’s license, or national ID).
- Fill out the form and submit it to your bank official.
- You will be asked for your biometrics, and your picture will be taken.
- After your biometrics have been captured by the bank, you will be issued a ticket ID.
- Please note down the ticket ID, as this will be used to get your BVN.
- After registering, you should get your BVN number in a few hours or after 24 hours, depending on the bank.
Nowadays, some banks provide a fully digital procedure where you can download the form online, but you will need to go to the bank for biometrics.
Benefits Of BVN
The BVN is beneficial to individuals in Nigeria in the following ways:
- It is accepted as a means of identification across all banks in Nigeria.
- BVN enables seamless consumer identification verification and validation across numerous electronic platforms.
- Financial firms can follow clients via BVN, particularly regarding loan repayment.
- BVN regulates cybercrime.
- To display pertinent information about a person, the BVN database is searched; this is known as bio-data (it includes names, phone numbers, addresses, and dates of birth).
- Banking Hall lines are reduced because BVN allows banks to verify customers quickly.
- Efficiency in banking processes.
Is It Free to Check My BVN?
No, it is not. The charge for checking your BVN is 20 Naira. However, this is charged from your telecommunication network, not the bank.
Do I Need My BVN To Take A Loan?
Yes, it is necessary. Most loan apps will request for your BVN to grant you a loan.
Conclusion
BVN is a significant and favourable development for the banking sector. Due to its capability to give each consumer a distinct identification, fraud has decreased, and the loan process has been made simpler.
You should be able to check your BVN now. If you have issues getting your BVN, send a complaint to your bank customer care.
