The Central Bank of Nigeria (CBN), in partnership with all Nigerian banks, launched a centralized biometric identification system called the Bank Verification Number (BVN) on February 14, 2014, to address the growing compromise of customer security information like passwords and PINs as well as the difficulties banks face with identity management. Since then, the BVN has been used to identify customers.
The Central Bank of Nigeria adopted the Bank Verification Number, also known as the BVN, as a biometric identification system to stop or lessen unlawful banking activities in Nigeria.
The BVN functions similarly to a security number in that it allows banks and other financial institutions to link a person’s bank account information to their identity. You are given this one-of-a-kind 11-digit number when you register with a biometric device.
A biometric device serves as an authentication and security identification tool. These gadgets rely on automated techniques to confirm or identify a real person’s identity based on a physical or behavioral trait. These traits include voice recognition, iris, face, and fingerprint recognition.
Benefits Of Enrolling For The BVN
- To ensure accountability.
- Helps to reduce fraud that may arise from impersonation.
- It gives account holders more security.
- Helps to ensure that account holders are known to their bank by the “Know Your Customer” policy, as described by CBN.
- It increases the effectiveness of banking operations.
- Helps to resolve the problem of authentication.
- Helps to build confidence between banks and their customers.
- Gives customers access to future credit facilities.
- To reduce queues in banking halls.
- Helps to provide account holders with a unified identity across all banks in Nigeria, allowing them to be recognized in any Nigerian bank using their BVN code.
Enrollment Process For BVN
- Walk into any branch of your bank.
- Request for the BVN enrollment form from the customer service officer.
- Fill out the form and head straight to where the enrollment is being done.
- Present yourself for data capturing like facial images and fingerprints.
- You will be issued 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.
- You will get a unique BVN within 24 hours through SMS notification after the system confirms the enrollment.
How To Check Your BVN
You can easily check your BVN (Bank Verification Number) via your sim cards, MTN, GLO, Airtel, and 9mobile. The first step before using this service is to confirm that the line you intend to use is the one with which the BVN was registered. You cannot check your BVN using an Airtel line if you enrolled with GLO.
You can easily check your BVN by following these steps ;
- On your phone dialer dial the USSD code *565*0#.
- Wait a bit until the 11-digit number pops up.
- Copy the number displayed on the screen. You can either copy it for immediate use or save it for later. However, the service is not free and you’ll be charged 20 naira for the transaction.
The universal code *565*0# is used by mobile network providers in Nigeria like MTN, Etisalat, Airtel, and GLO to confirm BVN. This code will be useful if you’re seeking a quick way to get your BVN number.
Can My BVN Be Blacklisted?
A blacklist is a list of individuals, groups, or nations that are shunned or ostracized by others due to allegations that they have engaged in immoral or unethical behavior or activities.
You should be aware that there is a chance that your BVN could be blacklisted because addressing various forms of wrongdoing in the bank was one of the issues that led to the introduction of the BVN. For instance, there is a strong likelihood that your bank account may be blacklisted if the bank detects some sort of fraudulent or illegal activity occurring in your account.
Reasons Why BVN Gets Blacklisted
A BVN may be blacklisted for several reasons. If you have no history of unlawful activity, your BVN is not in danger of being blacklisted. Your BVN may be blacklisted for the following reasons:
1. Loan Default And Standing As A Loan Guarantor
There is a good chance that your BVN may be blacklisted if you collect a loan but fail to repay it as agreed.
It is also possible for your bank and the CBN to blacklist your BVN if you stand as a loan guarantor for a loan defaulter.
2. Issuing Dud Cheque
If you issue a dud cheque, the bank has the right to instantly blacklist your BVN in addition to prosecuting you and sending you to jail. In the banking industry, issuing fake cheques is a serious offense.
3. Engaging In Financial Fraud Or Corruption
If you are proven to be involved in any financial fraud or corruption case, your BVN can be automatically blacklisted.
4. Using Your Bank Account To Commit Fraud Or Other Crimes Online
An investigation will begin immediately on your account if your bank discovers in any manner that your bank account was used to commit any fraud or other internet crimes. If the inquiry reveals that your bank account was involved in fraudulent conduct, your BVN will be instantly blacklisted.
How To Identify A Blacklisted BVN
If you feel that your BVN has been blacklisted because of loan defaults, you may easily obtain a credit report from credit reporting companies to find out if it has.
There is a database for each person whose BVN has been blacklisted as a result of loan defaults. The credit company consistently consults this database when deciding who to lend money to.
Additionally, you can quickly check if your BVN has been blacklisted by using your mobile phone to access an instant credit report from CRC Credit Bureau by dialing the USSD code *565*8# rather than physically checking. However, it would be preferable for you to visit your bank to investigate potential issues.
How To Resolve BVN Blacklist
The following steps would help resolve a blacklisted BVN.
- Pay your debt
- Get a clearance certificate from the organization you owe so that the credit bureau can remove your name and information from the blacklist.
- The last step is to visit the credit bureau, provide your evidence of clearance, and provide all the required information to have your name removed from the database of people on “blacklists.”
With the help of this guide, I trust you now understand what a Bank Verification Number is, its benefits, and how to quickly determine whether your BVN is blacklisted and the necessary fixes.