GET YOUR BANK VERIFICATION NUMBER: The Nigerian Bank Verification Number(BVN) was introduced on 14th February 2014 by the Central Bank of Nigeria in collaboration with the Bankers’ Committee, Nigeria Inter-Bank Settlement System(NIBSS). The objective is to collect biometric data from every bank customer and provide them with a distinct identity that can be validated across the Nigerian banking sector and also help in deepening financial inclusion in the country. BVN is a unique identification number that can be verified across all financial institutions in Nigeria. A customer’s BVN is mapped to the individual’s biological traits such as the fingerprint, signature, and facial photograph captured at the point of enrollment.
GET YOUR BANK VERIFICATION NUMBER
Bank customers must visit a branch of their bank to enroll in the BVN, complete and submit the BVN enrollment form, and then have their fingerprint, signature, and facial photograph captured at the point of enrollment. The BVN functions similarly to a security number in that it allows banks and other financial institutions to link a person’s bank account information to their identity. You are given this one-of-a-kind 11-digit number when you register with a biometric device.
The banking industry’s stakeholders have increased their efforts to draw attention to the BVN’s numerous advantages. The Managing Director of the Nigeria Interbank Settlement System (NIBSS), Mr. Ade Shonubi, claims that the BVN initiative will help increase retail credit in the banking sector by assisting banks in identifying and blacklisting fraudulent consumers. In a statement, the head of the NIBSS, which is in charge of implementing the BVN, said that once banks are able to recognize and blacklist fraudulent consumers, they will be encouraged to make loans to those customers who are creditworthy and have no history of being defaulting borrowers.
GET YOUR BANK VERIFICATION NUMBER
In the Nigerian banking industry, opinions are split on the initiative’s introduction, there have been some controversies about the security implication of having all bank accounts in different banks linked to one number, but the BVN has come to stay.
People who back the initiative believe that no matter the status or class of the customer, the additional security features will result in more consumer loans and a boost to the economy. Due to the recent implementation of the Nigerian unified bank account number system (NUBAN) into the Nigerian banking system, critics of the bank verification number scheme claim that it is a duplication of work. The CBN launched NUBAN, a 10-digit bank account numbering system, in 2010. It is simpler to use than the more conventional lengthier account numbering schemes.
According to CBN, banks that let consumers to operate accounts without BVN would be fined N2 million, in addition to 15% of the total amount credited to the account during the time in which the infringement exists and N20,000 per infraction/customer each day after the infraction has occurred.
Banks will also be required to pay an additional 2 million for failing to collect client biometrics and biodata in accordance with the BVN Framework. Financial institutions would be fined N200,000 per violation/customer for failing to report customers’ BVNs for watch lists. Financial institutions would be fined N200,000 per infraction/customer for failing to report customers’ BVNs for watch lists.
For customers on the BVN watch list, CBN had this to say to them: “A customer with watch-listed BVN shall not reference accounts, access or guarantee credit facilities.”
HOW TO CHECK YOUR BVN WITH YOUR MOBILE PHONE NETWORK PROVIDER
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. You cannot check your BVN using an Airtel line if you enrolled with MTN or check with a 9mobile line if you enrolled with a Glo line. Once that has been confirmed, you can proceed to check your BVN by following these easy steps:
- Dial the USSD code *565*0# using your phone’s dialer.
- Give it some time and the 11-digit number will surface on your phone screen.
- Note down the 11-digit number. You have the option of copying it for later use or saving it for now somewhere safe from anyone except you. Although this service does not come without a cost, you are charged 20 naira worth of airtime. So, it is advisable to just save it somewhere for later use than tipping your network provider every time you need your BVN.
It should be noted that the procedure for checking your BVN is identical across all network providers and banks. As a customer of GTB, UBA, Access, Fidelity, Sterling, Wema, Zenith, Kuda, etc., you use the same code to check your BVN because each person is given a different BVN that is used by all the banks.
It is important to note that if you wish to trade cryptocurrencies with platforms like Binance (or any other centralized exchange platforms that accept it as a form of KYC), having your bank verification number (BVN) readily available for you to use, will come in handy during your sign up and KYC process with Binance.
After signing up and running your trades on Binance you can exchange your crypto assets like USDT, USDC, BTC, ETH, etc on DartAfrica. DartAfrica provides mouth-watering rates, should you need to convert your crypto to fiat (NGN or GHS). It’s not just the rates that make them stand out, their lightning speed and the very simple user interface is one other key factor that constantly attracts thousands of users daily.
After signing up on DartAfrica, you do not need to hold your cryptocurrency on the platform before you can convert it to your local currency. All you just need to do is set up your profile in under a few mins and proceed to deposit just the amount (min $20) you wish to convert to fiat and you’re provided with a wallet with which you can proceed to your CEX and initiate a withdrawal into that wallet. Once your deposit is confirmed, DartAfrica instantly credits your account wallet and you can proceed to withdraw that to your local back in an instant also.
GET YOUR BANK VERIFICATION NUMBER – GET YOUR BANK VERIFICATION NUMBER