Finance

How to Verify Your BVN Online

How to Verify Your BVN Online: What do you understand by the word BVN. Well Bank Verification code is an important code for anyone who owns a bank account here in Nigeria. The deployment of a new financial system by the Central Bank of Nigeria necessitated the establishment of the BVN.

In this article, we will discuss what BVN is and how to verify your bvn online.

The Bank Verification Number, abbreviated as BVN, is an eleven-digit number. The BVN acts as your universal identification in all banks and financial institutions around the country.

The requirement for BVN arose as a result of the Central Bank of Nigeria’s (CBN) cashless policy implementation. The BVN was created in part to combat all sorts of financial fraud and theft. Additionally, your BVN permits you to do transactions at any branch of a bank.

How to Obtain a Copy of Your BVN Online

The following is the CBN’s statement regarding the BVN.

“In recent years, identity theft and fraudulent transactions have become a threat to the global banking system. To safeguard the integrity of the Nigerian financial system, the Central Bank of Nigeria launched the Bank Verification Number (BVN) project on February 14, 2014, in conjunction with all Nigerian banks. Using biometric information, the BVN individually identifies each customer in the Nigerian banking system.

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It is a necessity for operating a bank account in Nigeria, as no withdrawals would be permitted without a valid BVN (clients in diaspora accounts were exempt until January 31, 2016).

In general, the BVN can be seen of as a CBN attempt to assure data transparency, security, and ease of analysis in accordance with best practices in industrialized countries. The following are the advantages of having a BVN:

  • Provides protection for your bank account
  • Exposes fraudulent transactions, theft, and clients who have been blacklisted
  • Provides you with a unique identification number that you can use at any bank
  • Once registered, the BVN is associated with your name across the country’s banks and financial organizations.

Despite the fact that it is an 11-digit number, you are not required to memorize your BVN. There are methods for checking the number on your mobile phone at any time, even if you do not have access to the internet.

ONLINE VERIFICATION OF YOUR BVN

Thus, the logical question is how do I check my BVN online or how do I obtain a BVN online, which you can also find out here.

To be honest, it’s fairly simple.

Simply dial *565*0# from the mobile phone used to register your account. However, this comes with a cost. N20 will be deducted from your account.

If you have not yet registered, you will receive the following message: “Sorry, your number is not registered on the BVN platform. We appreciate your use of the BVN service. N20 has been deducted from your account for this service.”

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In this instance, please follow the procedures below to register;

  • Enter the account number of any Nigerian bank of your choice.
  • Obtain and complete the BVN enrollment form.
  • Submit the application
  • Your biometric information, such as your face and thumb print, will be collected.
  • You will receive an acknowledgment slip with a transaction identification number.
  • You will receive your BVN within 24 hours.

Apart from the *565*0# code, several banks have their own shortcodes that enable clients to verify their BVN on their phone. For instance, if you are a GTBank customer, you can verify your BVN by dialing *737*6*1#.

How To Check BVN Details Online Using the NIBSS BVN Online Portal

To Validate your BVN on their dedicated portal

  • Navigate to NIBSS BVN Online Portal.
  • In the first box provided, input your BVN.
  • In the second box, input your date of birth, in this order – Date-Month-Year.
  • Click on validate.

Why Do i need a BVN Number

The Bvn number is used to increase the security of your bank data. Additionally, it ensures that all transactions between you, your bank, and any other financial entity are transparent. As a result, you will be less exposed to fraudsters in general. It’s a fantastic solution that was taken from other bank systems in more developed countries, and it works perfectly. Therefore, it represents yet another significant step forward for Nigeria in terms of financial stability and transparency.

The following are the important reasons why your bank account details is to be linked to your BVN Number

  • In order to offer account holders with enhanced security.
  • In accordance with the “Know Your Customer” philosophy, it is necessary for account holders to be recognized by their bank.
  • The BVN code can be used as identification in any Nigerian bank, which means that account holders will have a single identity across all of the country’s financial institutions.
  • To shorten the length of time people wait in banking halls.
  • To decrease the possibility of fraud arising as a result of impersonation.
  • To put a stop to identity theft and to checkmate the situation.
  • In order to assure accountability
  • To improve the efficiency with which banking procedures are carried out.
  • Its purpose is to provide consumers with access to future loan opportunities in the future.
  • It is also intended to increase financial inclusion, a goal to which the Central Bank of Nigeria has pledged.
  • It provides a solution to the authentication dilemma.
  • In order to put a stop to money laundering activities.
  • To foster trust between financial institutions and their consumers.

CONCLUSION

This article has been helpful with details on how you can check your bvn details online using ussd code and NIBSS BVN Online Portal. Also note that your BVN details should not be shared with anyone. So if for any reason you receive a call from any person claiming to be a staff of any bank thereby requesting for your BVN details. You must not realease your BVN details to such person as your bvn details could be used to carry out fraudulent transactions from your bank account and your funds could be withdraw without your approval.

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