Bank verification number which is popularly known as BVN is Nigeria Central Bank (CBN) initiative to help to protect every customer banking information across the country by assigning to their account a unique and existing identification number.
The need to bring down any fraudulent act in Nigeria banking system has been the top most priority of Central Bank of Nigeria since 14th February 2014, which brings about the introduction of biometric identification in the banking system which is tagged Bank Verification number (BVN).
Basically, biometrics simply means a means of identifying individual entry data in terms of physiological attribute or behavioural attribute with the use of fingerprint or thumbprint as the case may be, electronic signature etc.
The Bank Verification number is an additive means to strengthen any banking security system so as to protect individual account from fraudsters or against any fraudulent act from infringed third party.
What Are The Benefits Of Bank Verification Number?
There are quite a reasonable amount of benefits you can earn from the newly introduced bank verification number, some of which include;
- The BVN will enhance the Banking Industry chances of being able to fish out blacklisted customers.
- Reduce queue in Banking Halls.
- Standardized efficiency of Banking operations.
- The Customers unique BVN is accepted as a means of identification across ALL Nigerian Banks.
- BVN gives a unique identity that can be verified across the Nigerian Banking Industry (not peculiar to one Bank).
- Customers Bank Accounts are protected from unauthorized access.
- It will address issues of identity theft, thus reduce exposure to fraud.
How To Enrol In Bank Verification Number Processing
Bank Verification number enrolment process is quite simple and easy. Following the few steps below will let you have your bank verification number to strengthen your banking system information in less than 24 hours.
NOTE: This procedure works for any bank
Step: 1 Walk into any branch of your bank. E.g. Gtbank, Access Bank, First Bank, Diamond Bank, Sky Bank, Enterprises Bank, etc
Step 2: Request for Bank Verification Number form, fill the form there and submit it for processing
Step 3: After submission, you will need to undergo some data capturing such as fingerprint, passport, etc
Step 4: After your enrolment, a slip to acknowledge your enrolment process will be issued to you after step 3 above.
Step 5: After few hours, in less than 48 hours to be exact, BVN will contact you through Email/SMS that you have successfully enrolled in the ongoing Bank verification Number process and it’s ready for pick up as well.
That is how simple it’s for you to enrol in the Bank Verification Number mandated by Central Bank of Nigeria! Have you been using the Bank Verification Number (BVN) before now, what are you experiences? Download BVN pdf guide