Friday, 22 July 2016

Important Things You Need To Know About Bank Verification Number (BVN)

In Nigeria, Bank Verification Number, BVN, is a CBN initiative to check fraud in the banking system by giving every customer in the Nigerian banking system a unique identification number that can be verified across all banks in Nigeria. In one of my previous posts, I shared with you the Meaning and Benefits of Bank Verification Number. Below are important things you need to Know About the bank verification Number.


Things You Need To Know About BVN
1.Your BVN gives you a unique identity that can be verified across ALL Nigerian Banks (it is not peculiar to one Bank)

2. Your Bank Accounts are protected from unauthorized access

3. It reduces fraudulent activities on bank accounts

4. Gives easy access to Banking operations

5. Your BVN is accepted as a means of identification across ALL Nigerian Banks

6. BVN registration is for individual account holders for the meantime till further notice.

7. A small temporary registration acknowledgement slip will be issued to you, followed by an email or SMS conveying a similar information.

8. A BVN identification card with a computer chip bearing your embedded personal information will be issued to you for collection at your designated bank branch.

9. Registration in one bank covers all accounts the individual might have in all other banks.

10. Enrollment is free.

11. The deadline for registration was on Tuesday, 30th June, 2015.

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