BVN Uses Simple Definition And Meaning

The Bank Verification Number, BVN, is another important step the Central Bank of Nigeria, CBN, is using to strengthen the security of banking transactions and to ensure that

loading...
fraudulent transactions are minimised, if not totally eliminated. The campaign is on, but the public may not realise its importance until it closes in June 2015.

Yet as the public embraces the initiative with enthusiasm, it should be aware that some
fraudsters are trying to undermine the exercise by providing seemingly easier registration options for bank account holders. They request these details online and threaten that the account would be closed if the owner does not provide them the
details. Their target is the account holder’s money. The best way of enrolling remains direct communication with one’s bank.

   BVN uses biometric technology to register customers in the financial system. It records these physical features which are unique to individuals – fingerprints and the face. The record would be used to identify the person afterwards.

     Once a person’s biometrics have been recorded, and BVN issued the account would be accessed through BVN. The major objectives of the initiative are to protect bank customers, reduce fraud and strengthen the Nigerian banking system.

        Effect Of Not Having BVN.

If you don't have BVN, then you can face the following issues with your bank.

√ Unable to withdraw.
√ Unable to transfer funds from your bank to another.
√ Unable to Buy airtime using the bank ussd code or mobile application.

     Try to enroll in BVN registration after opening account with any bank, if you already have then make sure you provide it while opening bank account.

Also Read: Nigeria banks in top banks globally

Comments

Post a Comment

Popular posts from this blog

DEJI POPOOLA - Fina Trust Microfinance Bank MANAGING DIRECTOR

Image
 Managing director of Fina Trust Microfinance Bank, Biography of Deji Popoola, Read Below    He started his career at African International Bank and subsequently also gathered various banking experience ranging from Commercial Banking, Retail Banking, Oil & Gas and Branch Management Operations. He has worked with some of the leading banks in the country that include Oceanic Bank Plc, UBA, Ecobank Plc and others where he had a very progressive career growth.    He has over 23 years experience spanning from Auditing, Banking, Consulting to Real Estate Investment. Prior to now he was the Pioneer MD/CEO of Citiserve Micro Finance Bank, VG Estates Ltd before Joining Fina Trust Micro Finance Bank as the pioneer MD/CEO.    He is a graduate of Management & Accounting, and also holds MBA from Obafemi Awolowo University Ile–ife. He is a Member of the Chartered Institute of Stockbrokers (CIS) and a Fellow of the Institute of Chartered Accountants of Niger...
Read more

Swift Code/BIC Is It Same As BVN

Image
👉Swift code/ BIC:  A SWIFT code — sometimes also called a SWIFT number — is a standard format for Business Identifier Codes (BIC). It’s used to identify banks and financial institutions globally. It says who and where they are — a sort of international bank code or ID.    These codes are used when transferring money between banks, in particular for international wire transfers or SEPA payments. Banks also use these codes to exchanging messages. 👉BVN: As you may already be aware, the Central Bank of Nigeria (CBN) in conjunction with the Bankers Committee has launched the Biometric Identification Project to provide a single biometric database for all banks’ customers nationwide.           Part of the requirements within this initiative is that customers enroll with their banks to get their unique Bank Verification Numbers (BVN), without which customers will not be able to transact in any bank if not obtained.    Also Read: CIT ...
Read more

Here are six ways your bank account can be hacked With BVN

Image
   With current attempts by fraudsters to access people’s bank accounts through text messages, emails, phone calls, etc., it is important we are armed with the knowledge of the different ways our bank accounts can be hacked by fraudsters. This will help us better discern their gimmicks, avoid their traps and keep our money safe. Here are six ways your bank account can be hacked: Trusting suspicious e-mails, text messages and phone calls In 2015, the Oyo State Police Command arrested BabatundeFatai, a young man, for various Internet frauds. Some of the crimes included hacking bank accounts of people in and outside Nigeria. Fatai revealed that to hack into bank accounts, he would either go to dating sites to woo men and women into trusting him with their account details, or he would send fake e-mails to bank customers asking them to change their accounts and bank security details. Fatai will then use their ‘old’ security details to access their accounts and transfer their money ...
Read more