9 BASIC THINGS YOU NEED TO KNOW ABOUT BANK VERIFICATION NUMBER (BVN)

A scene in Lagos

A lot of questions have been raised about CBN’s new Bank Verification Number (BVN) directive and many account holders are still clueless as to what it is about. Below is all you need to know about the initiative:

1.         Your BVN provides you with a unique identity that can be verified across ALL Nigerian Banks (it is not peculiar to one Bank). Therefore, registration in one bank covers all accounts an individual may hold with other banks.

2.         The BVN ensures that your bank accounts are protected from unauthorized access.

3.         It reduces fraudulent activities on bank accounts.

4.         Your BVN is accepted as a means of identification across ALL Nigerian Banks.

5.         A small temporary registration acknowledgement slip will be issued to you, followed by an email or SMS conveying a similar information.

6.         Your bank will not charge you for registering your BVN. It is free.

7.         A BVN identification card with a computer chip bearing your embedded personal information will be issued to you for collection at your designated bank branch.

8.         BVN registration is for individual account holders for the meantime till further notice.

9.         The verification number obtained in one bank should be taken to other banks that the user might be operating.

10.       The deadline scheduled for 30^th June before has now been shifted to 31^st October due to low level of registration success.

However, we appeal to Nigerians to take the new date serious and ensure they get their BVN before the deadline elapse as this is the third time the exercise will be shifted to a further date. Let’s become really supportive of government policy!