All you should know about Bank Verification Number and How to Apply

Bank Verification Number (BVN)

I believe that you must have heard about the ongoing trending thing about the Nigeria’s new governmental policy on all individual acquiring his/her bank verification Number with the individual’s respective banks.

What is Bank Verification number?

Bank Verification Number (BVN) is that personal number issued to individuals by Central Bank of Nigeria through policies set up in order to monitor account owners and reduce fraud rate in Nigeria. All bank customers should obtain the BVN number which can be verified by any bank in Nigeria irrespective of the bank I n particular.

NOTE: Individuals operating with many banks should only have one BVN, this is because, if given differently by banks, you may lose nor forget those numbers which might bring you to the pool of confusion. One person, One BVN policy was introduced by Central Bank.

A cashless policy was also introduced in the course of implementing BVN in Nigeria banks which reduce theft because it reduces the number of customers who complain of road robbery because they are in possession of some cash at hand.  Don’t forget that BVN doesn’t change from one bank to other banks.

BVN could also be easily analyzed in the form of how matric numbers work. The number is your ID in the banking system. Customers name might be interesting such as Emmanuel Brooklyn, but the banking school would just allow the customer with his/her Bank Verification Number (BVN).

How to apply for Bank Verification Number (BVN)

  1. The registration protocol involved in acquiring BVN is quite easy.
  2. See yourself in any branch of the bank you are operating with.
  3. Locate the customer care to be guided, you will be issued a form which you will fill with some vital personal information without formulations.
  4. Submit the form if you are done with the data input to the issuer.
  5. The bank staff will then input all your personal data into the system for accurate registration.
  6. Your face will be captured as regards to the registration and finger prints taken in order to have an accurate data about you.
  7. You will then sign your signature that will be taken electronically into the system.
  8. The bank staff will issue you a temporary acknowledgment registration slip containing a space where your email address, contact address and mobile number is required for conveying information to you.
  9. As soon as the Bank is done with the registration, the BVN identification card with an encrypted computer chip bearing your personal information will be issued to you at the bank branch you registered for the BVN identification number.
  10. The BVN registration has no exception when it comes to customers operating with the bank. It’s for all bank customers.
  11. Without getting a BVN number, you can’t do any bank transaction with the bank.
  12. Only but one registration is required, it will cover all accounts you have with other banks.
  13. Do not in any way loose nor forget your BVN identification number.
  14. You can use your mobile phone to retrieve your BVN identification Number by dialing *565*0#.

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