The goal of the Bank Verification Number (BVN) is to uniquely verify the identity of each Bank’s customer for ‘know your customer’(KYC) purposes. It also helps lenders to know the true identity of each borrower, so knowing how to check your BVN is key to securing a loan in Nigeria.
A customer enrols at any branch of a bank where he/she has an account or intends to open an account in order to get a BVN. The are currently over 35million Nigerians with BVNs as at December 2018.
How to check your BVN
- Dial *565*0#
- You must use the phone number registered on your bank account
- The Nigerian Interbank Settlement System (NIBSS) will reply by sending your 11-digit BVN to your mobile phone.
- Charges of N20 apply.
- Visit the NIBBS portal
- enter your information
- Alternatively log into your Internet banking app
How To Enroll
- Walk into any branch of your Bank
- Fill and submit the BVN Enrolment form.
- Present yourself for data capturing (such as Fingerprint, facial Image etc)
- An acknowledgment slip with the transaction ID is issued to you
- Within 24hours the system confirms your application, your BVN is generated, and you receive an SMS for pickup.
Benefits of BVN
- Your BVN gives you a unique identity that can be verified across the Nigerian Banking Industry (it is not peculiar to one Bank)
- Your Bank Accounts are protected from unauthorized access
- Its reduces fraudulent activities on bank account
- Gives easy access to Banking operations
- Your BVN is accepted as a means of identification across ALL Nigerian Banks