Benefits Of Linking Your BVN To All Your Bank Accounts In Nigeria.

Benefits Of Linking Your BVN To All Your Bank Accounts In Nigeria.

In this article, I will show you the benefits of linking your BVN to all your bank accounts in Nigeria.

In this article, you are also going to understand what BVN means; as well as the categories of BVN that are available.

BVN is an acronym for the word Bank Verification Number, and it is a security measure instituted by the Nigerian Interbank Settlement Method (NIBSS) in association with the Central Bank of Nigeria to curb the increase in unlawful financial activities or transactions in the country.

This BVN is an 11-digit number that is displayed on your mobile phone when you dial the code *565*0#. Be mindful of the fact that dialing this code will attract charges and this code works on MTN, Glo, Airtel, 9Mobile, or any GSM lines linked to your bank account.

Categories of Bank Verification Number (BVN).

Basically, there are 2 categories of Bank Verification Number also known as BVN, and they are:

  1. BVN for Individual accounts and
  2. BVN for Corporate Accounts.

What are the benefits of linking your BVN to your bank accounts?

Benefits Of Linking Your BVN To All Your Bank Accounts In Nigeria.

Below are the benefits of linking your BVN to all your bank accounts in Nigeria:

  1. BVN provides additional security for bank account holders.
  2. Fraud that may arise from impersonation is reduced by BVN.
  3. Identity theft is checkmated and curbed with the use of a BVN.
  4. It helps to ensure that bank account holders are individually known by their bankers; through a principle referred to in CBN as: “Know Your Customer”.
  5. It also helps to ensure accountability.
  6. A Bank verification number (BVN) gives account holders a unified identity across all of Nigeria’s banks. This means that a BVN code can be used as a means of identification in any bank in Nigeria.
  7. BVN also helps to boost financial inclusion which the CBN has been committed to.
  8. The problem of authentication is resolved through the use of a BVN.
  9. Money laundering activities are curbed and checkmated with the use of a BVN.
  10. VN helps to reduce queues in banking halls.
  11. The effectiveness of banking operations is increased with the use of a BVN.
  12. Customers can have access to future credit facilities with the help of a BVN.
  13. BVN helps to build confidence between banks and their customers.

How to enroll (register) BVN in Nigeria.

Below are the things you will be expected to do in order to enroll or register your BVN in Nigeria.

  1. Enter any branch of a bank you have an account or wish to open an account in Nigeria.
  2. Tell the customer service officer to give you a BVN enrollment form.
  3. Fill out the form and go to where the enrollment is being done
  4. Patiently wait for your data capturing to be done, which includes fingerprint and facial image
  5. You are issued with an acknowledgment slip also known as an enrollment receipt which contains the registration ID like ticket ID, name of the bank you registered, your name, date, and time the registration was done.
  6. Within 24 hours, you are going to get your own unique BVN (Bank Verification Number) through SMS notification after the system has confirmed your enrollment.

Now let’s move on to see the details you will be expected to fill in the BVN enrollment form.

Details you will be expected to fill in the BVN enrollment form.

  • Surname
  • Middle name
  • First name,
  • Account number,
  • Means of identification: you can use your INEC voters card, or national Identity No, or any other verifiable means of identification.