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

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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

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