Bank Verification Number is an initiative introduced by the Central Bank of Nigeria (CBN) due to the need for higher level of security in the banking system, as a result of the increase in financial crimes. And here is the code to check bvn in Nigeria both online and offline.
In the past, before the issue of this verification number came into the system, some people had a lot of accounts with the same bank with different names and signatures.
Then, there were several cases of identity fraud and due to the different names, it was quite difficult to sort these fraudsters out.
Today, it has made it quite easier for financial crimes to be detected.
Recently, a lot of people with bank accounts have already applied for their Bank Verification Number and has even gotten it.
But, most people rarely know what it is about, its importance or how to get it linked to their other accounts.
Also, there are new customers who has opened an account and are yet to enroll for this Number, and are having confusing thoughts on how to go about it.
This article would however, explain everything you need to know vividly.
How to Check Your BVN
After applying and getting it, most people tend to forget the number.
As frustrating as this is, you can however, check it from the comfort of your home using code or online banking.
Code to check bvn number is *565*0#.
This can be accessed from any mobile network provider (MTN, Glo, Airtel, 9mobile), and for any bank.
Note: It costs just N10 to check it from your phone using the ussd code.
The BVN number can be checked online through the internet banking service.
This can be done by logging into your Internet banking application.
The BVN is always displayed to your front page.
History Behind it
The Bank Verification Number is a method of identification, using biometrics.
It has been introduced by the then Central Bank of Nigeria (CBN) Governor to help check illegal transactions including money laundering and fraud, in Nigeria.
This has been placed in financial institutions due to incessant rate of crimes in the recent times.
In 2014, The Central Bank of Nigeria introduced the BVN, in accordance with the Central Bank Act of 1958.
This Act issues the CBN the authority to legally maintain and stabilize everything that deals with the nation’s finance. Over 32 million bank account owners have enrolled and registered for BVN.
This has also eliminated several non-existing public servants.
The Number consists of eleven digits which is peculiar to one customer.
Therefore, a person is not allowed to have more than one BVN number.
The creation of the BVN involves the registering of fingerprints and capturing of facial features of bank customers.
Hence, the registration can not be done by an individual in place of another.
The procedures associated with BVN, includes:
- Enrollment: Whereby customers have their biometrics captured and personal informations registered.
- Identification: Which compares customer’s biometrics for confirmation, to ensure the customer hasn’t enrolled before, since an individual is only allowed to one BVN. Verification of the captured data.
- Linking to all their existing bank accounts to ensure that customers do not enroll twice.
- Finally, Update of customer’s information and reflecting changes on the BVN database.
How to Apply for BVN
Applying for your Bank Verification Number is very easy. It can be done in any commercial bank since it applies to all banks.
- Go to your bank with a valid identification card such as International Passport, National ID Card, Driver’s License, and fill an enrollment form. The enrollment form contains fields to be filled correctly with the necessary informations. These informations includes; Names, Account number, Nationality, State of origin, Local Government Area, Marital Status, Phone number, Address etc. After filling the enrolment form, then submit.
- After submitting, your finger prints and photograph (biometrics) will be captured and you would be given a ticket ID.
- The number would be sent to your phone number after a few days.
Uses of Bank Verification Number
- Below are some of the uses of the Bank Verification Number:
- It ensures that the customer’s account is protected from unauthorized access.
- It is a means of identifying customers across all Banks in Nigeria.
- It curtails the rate of financial crimes in the banking system.
It is important to note that:
1.) In as much as the Bank Verification Number has been put in place to curb financial crimes, it is important to hide your BVN away from unauthorized access.
Never share your BVN on any unauthorized platforms.
This is because, fraudsters can easily gain access to all your accounts.
Fraudsters can easily get all your financial information with the BVN, and withdraw and transfer your money without your knowledge.
2.) If you have been careless with your BVN, and you start noticing some activities such as:
Transactions or purchases you are not aware about, blocked access to your bank application, denied card transactions, emptied and closed account, it is important to take immediate action.
3.) Once you notice the above stated activities, it is important you do the following:
Go through your account activity to verify properly.
Once the suspected fraud activity is confirmed, go to your bank and make a complaint.
Speak to your bank customer care service for a possible solution.
You can also take up legal actions.
I hope this write up about how to check bvn using code and other methods was helpful?
Bank Verification Number has been of immense assistance ever since it has been implemented by the Central Bank of Nigeria, in collaboration with all banks.
It has reduced the rate of identity frauds in the banking system.
Customers can easily enroll for the BVN in any bank, and easily access by dialing the above ussd code from their mobile phone using any of the service providers.
More importantly, do not disclose your BVN on unauthorized platforms, since your bank accounts can easily be hacked by fraudsters through it.