Bank Verification Number (BVN)

Posted by Felix Okoli on Monday September 29, 2014 at 16:15:0:

I'm not yet completely sure what the Bank Verification Number is for but the current vogue now in Nigerian banks is to have customers registered bio-metrically to get their Bank Verification Number(BVN)

When I visited my bank's branch recently, the cashier asked If I had gotten my BVN and I said I hadn't and asked if I also had my ID card with me and I said yes. He then gave me a form to fill so that I can be one of the first people to get a BVN. They said it's necessarily and the CBN says that bank customers should get registered for it and so it's better to do it now than wait later when there may be a longer queue at the bank by the time the deadline has been placed and BVN is in force.

According to what I understand by it, a Bank Verification Number is a unique 10 digit number given to every bank customer in Nigeria and it's unique irrespective of which bank the person uses. It's pioneered by a Central Bank, the CBN such that no person would be issued with more than one number.

Last time we got something like this from Nigerian banks, it was the 10 digit Nigerian Uniform Bank Account Number(NUBAN) used to change our former bank account numbers. Then, all banks in Nigeria were urged to change their account numbers such that it would be formatted in such a way that customers now only make use of 10 digits in their bank accounts and so many people when to their banks to collect their new account numbers.

Now, again, the Federal government in conjunction with the CBN wants us to start using a BVN but we are not totally sure what it's going to be for or if it would offer any economic benefits to our society.

Anyway, registering for the BVN is quite easy as all you need to do is bring an acceptable means of Identification to the bank, fill a form and allow your picture to be take and your hands to be thumb-printed. A receipt will be given to you and within 24 hrs, you should get an sms containing your BVN.

I initially tried doing it at one bank and after the whole process which wasted my time, they were not able to print any receipt for me nor did they send me any BVN by sms because of a bad network connection. I had to later use another bank that was more efficient.

Comments:

Re: Bank Verification Number (BVN) Reply by aregbesola femi on Tuesday September 30, 2014 at 5:55:40:

the purpose of the bvn is just to reduce fraud

Re: Bank Verification Number (BVN) Reply by VeeKeys on Thursday October 16, 2014 at 15:45:22:

We did biometrics to get our international passport, another to get drivers' license, and this is another to do bank transactions, and mind you NIMC is introducing a National Identification Number which will also involve capturing biometric information. The question is why is there a proliferation of biometrics capture? How many agencies other than those concerned with law enforcement should have or request my personal information? Can this information not be held centrally and secure access granted to only authorized bodies or with the consent of the individual involved?

Re: Bank Verification Number (BVN) Reply by Amaka on Monday November 3, 2014 at 10:6:55:

its obvious we don't knw wat dis BVN actually means..indeed d end time has come..once dis is made forcefully den its dat mark d bible is talking about.open your eyes brethren .here in Nigeria they call it BVN while outside other countries like the USA dey call it bio-chip or biometrics n theirs would be either their brains nor it Wud be implanted into their skin..let's be carefull. This BVN Wud be used to track you down wherever you are.....Dats y dey call it one world other....Think about it my brothers n sister....I pray dat jehovah Wud help us..

Re: Bank Verification Number (BVN) Reply by steve on Thursday November 20, 2014 at 9:51:40:

Thank God i won't be here when they start tracking people down cos i'd have been 'caught up'!

Re: Bank Verification Number (BVN) Reply by Bode on Monday January 5, 2015 at 11:56:33:

Why is it that when Nigerian policy makers within the industry be it banking or educational only see the advantages but never consider the DISADVANTAGES?
Your arguments deals on advantages without mentioning a single disadvantage!
I say this with all sense of responsibility, this project is parochial and will breed more troubles for Nigerians and indeed the bankers and should be discontinued!
There are more disadvantages than advantages. Stop before you invite more terrorism into your lives such you will not be able to contain. Please heed the warnings!

Re: Bank Verification Number (BVN) Reply by Dr Francisca S. Usen on Sunday April 26, 2015 at 10:26:57:

iam yet to receive my BVN over two week i did my biometric verification at first bank nigeria uyo branch.

Re: Bank Verification Number (BVN) Reply by Felix Okoli on Sunday April 26, 2015 at 10:26:57:

It takes some time. Wait for a month and then visit your bank again if you still have not received it by sms.

Re: Bank Verification Number (BVN) Reply by Ariyo Yusuf W on Friday June 19, 2015 at 7:28:24:

I am yet to get mine. I did one with GT Bank last year, and up to date, i have not gotten the number.

I hope to do it before the deadline oh!

Bank Verification Number (BVN)

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