Bank Verification Number (BVN) is a unique identification number (11 digits) issued to every bank customers and linked to every bank accounts that the customer has in all banks in Nigeria. The BVN was launched by the Central Bank of Nigeria (CBN) on February 14, 2014 in collaboration with the Banker’s Committee as a centralized biometric identification system for the Nigerian banking industry.
Purpose of BVN
The primary aim of creating the unique identification number for bank customers is to stem the increasing case of identity fraud in the banking industry. Other objective of BVN includes:
- To use BVN information as a means of identifying and verifying all individuals that have account(s) in any Nigerian bank and as a means of authenticating customer’s identity at the point of transactions.
- To provide a uniform industrially accepted unique identity for Bank Customers
- To authenticate transactions without the use of cards using only biometric features and PIN
- Identification of blacklisted customers
In other to ensure increased enrollment of bank customers, the bankers committee in its 11th retreat held in December 2018, classified BVN into 2 categories, the BVN Premium and BVN Lite. The BVN Premium covers bank customers that can provide the 18 basic requirements for a complete BVN enrolment while the BVN Lite will require minimal documentations like name and phone number for bank customers, especially those at the rural areas that do not meet the full requirements.
There are over 42.4 million customers that have been registered on the BVN partform since inception. The CBN however promised to increase the number of registered bank customers to 100 million by 2024.
Benefits of BVN
- BVN provides a unique identification that can be verified by all financial institutions.
- It protects the bank account of customers from unauthorized access
- It addresses the issue of identity theft, thus reduce exposure to fraud.
- The BVN enhances the Banking Industry chances of being able to fish out blacklisted customers
- Standardized efficiency of Banking operations.
Risks in disclosing you BVN
There have been reservations among bank customers about BVN fraud, how fraudsters can use a bank customer’s BVN to steal funds in the bank account of such customer. Nigerian Banker says disclosing your BVN to any person or group does not pose any threat to the funds in your bank account.
What every bank customer should however worry about is how fraudsters can use the personal information obtained as a result of the exposure of your BVN to trick you into volunteering sensitive information like your Bank Card details, ATM Pin, USSD, Mobile and Online Banking Passwords. Once you can keep these items save, the funds in your bank account is save.
Fraudsters in conjunction with greedy bank officials can commit BVN fraud by using your BVN to see and obtain all your Bio-Data and use it to trick you into disclosing those sensitive detail. But once you have master the act of not disclosing them, your bank funds are save.
Culled from Nigerian Banker
Someone just share my Bvn to other people, hope they can not use it to carry my money
Nigeria
What happened to 9ja
Ibadan soka area
Is it those online loans?
pls I gave those online loans my Bvn, hope my money is safe?, I really need advice pls
Your money is safe as long as you didnt give them your card card details.
Please when l change my card is it possible that who has the details of the previous card wont get access to my funds?
Once you change your card they can not use the details to access your account anymore. But remember to deactivate the old one. Tell your Bank to deactivate the old one.
Good information. Am at peace now
I gave unline loan my BVN and my account number I hope my money is save
Me too ooh I dey fear cause the loan app is a scam they don’t give out loan rather take your information & date of birth
Notify your bank ASAP
In as much as you didn’t disclosed your card details, card pin, online banking password, USSD code transaction. your money is save but if one of this is disclosed, quickly change your password or block the previous card and get a new one from your respective bank.
Notice: never disclose you sensitive passwords to any bank staff as a process of password reset.
You are very secure 🔐 my dear
Just don’t disclose your sensitive details to any one
What the name of the loan platform
Yes dey collected bvn and account number and I didn’t get the loan up my money is safe
Please I apply a loan from an app called soft naira I observed they’re scam app & they already have my bvn with date of birth . I’m I save ?
Quickly notify your bank
I give them my bvn and my account number hope no problem
Please help me
Hello! Please I give those fraudster my bvn n my card details but I have blocked that card… Am I still safe… ?? Someone said they can use my bio-data to borrow/steal money from other banks which later I will be in trouble
Please am also going tru same thing now. They took my details to borrow money and now am ask to pay for the money I never used. What can I do?
Because if am to clear this debt now, they will still take another and ask me to pay. Please how can I get myself out of this mess🥲🥲
I opened a bank account from those people normally open account on the street
I’m yet to get my account number it’s 3 days now
Please I hope my money is safe In my previous account because I gave out my bvn
I give some one my bvn nd acct number for laod one day he call me nd was asking of my pin nd th last 6 digit on my card nd i give what will i do now pls i need advice?
Go to your bank and tell them to block the ATM. Then change the ATM
This pop-up newcredit-safe instant loan came in my phone and I need loan filling their form they ask for my bvn please advise is it safe to give them my BVN
Be careful when giving out your BVN
I gave unline loan my BVN and my account number I hope my money is save
Can loan company use my bvn to withdraw my money from my other bank account
How can I use my bvn with my account unmber to broow long
I got a call saying from bank that I need to activate my account and also upgrade the person said my details including my bvn number but asked me to say my otp n my card number I did that ignonartly but later after the call ended I decided to withdraw but all money was gone . Is there any solution in getting my money back
Go to the bank immediately and report to the customer care services
Please, a friend of mine called my sister to ask for my account number and BVN. She accessed my files at home and sent it to him, is it possible for him to carry out any transaction or carry out any changes on my account?
It’s not possible
Hello pls I gave those online scam Banks my bvn only hope my other banks are safe pls help me out 🥺🥺🤲
I gave someone my Bvn and NiN to open an OPay pos .. now am afraid,bcos people are saying she can use the to collect loan from OPay.. That if she collect the loan and not pay back, am going to responsible for it…. What am I going to do 😣😣😣
Be careful when giving out your BVN
A lot of controvercy here, bt here is one thing i want u guys to understand, no one can steal ur funds with bvn so long as you master the act of keeping your codes and pin secreat. All fraudstars needs to steal from you is your otp and atm pin along with the digits on your atm, never give that out on any condition whatsoever. Never allow any banker attend to you via phone,alway visit the banking hall and solve your problems. Lastly dont keep your bank details on your phone.
My younger brother has an issue with two of his account, all are been freeze and without his knowledge and over 5m has been hajack by God knows person
Now my question is that can a group or an individual get access to the funds in your account without your details
And if that’s possible what is the solution to it please
[…] Anyone who has access to your BVN can access almost if not all of the details about your account. Therefore, to protect your bank account information and cards, do not disclose your BVN to anyone, no matter how close they are to you. […]
[…] Anyone who has access to your BVN can access almost if not all of the details about your account. Therefore, to protect your bank account information and cards, do not disclose your BVN to anyone, no matter how close they are to you. […]
[…] Anyone who has access to your BVN has access to almost if not all details about your account. Therefore, as a means of safeguarding your bank account details and cards, do not disclose your BVN to anyone no matter how close they are to you. […]
[…] Anyone who has access to your BVN can access almost if not all of the details about your account. Therefore, to protect your bank account information and cards, do not disclose your BVN to anyone, no matter how close they are to you. […]
[…] Anyone who has access to your BVN has access to almost if not all details about your account. Therefore, as a means of safeguarding your bank account details and cards, do not disclose your BVN to anyone no matter how close they are to you. […]
Hello! Please I give those fraudster my bvn n my card details but I have blocked that card… Am I still safe… ?? Someone said they can use my bio-data to borrow/steal money from other banks which later I will be in trouble
I love these Web sites
Five 🌟
I disclose my BVN and card numbers to online loan I didn’t even get the loan can they use it to steal money from my other account please I need help 🙏
Go and deactivate that ATM
And get another new card,
Never disclose your your card details to third party but u can fill any form with your bvn number and nobody can temper your account.
I gave out my bvn only I hope my funds are save