Disadvantages Of BVN (Bank Verification Number)

This post covers Disadvantage of BVN or of not having BVN,  effect of not having BVN, BVN meaning in Nigeria and BVN review.

  What’s a BVN?
The BVN is an 11 digit number that acts as your universal ID in all banks in Nigeria. Think of it as a socio-security number but for the banking industry. It ensures you can engage in transactions at any Point of Banking operations. Another way to think about the BVN is like a university matric number. When every student gets admitted into the tertiary institution, they get allocated a number. That number is your identification in the school’s system until the day you graduate. You may have an impressive name like Thomas Pink, but the school isn’t going to call you that. If for some reason you get allotted the numbers LAG/419/666, well too bad. To the system, you’re now Mr 419. Bottom line: your BVN is your ID in the banking system.

  It’s one BVN per person Listen to this carefully. You are not meant to have more than one BVN. If you do, you’re going to end up on EFCC watchlist. Seriously though, one person – one BVN. Remember the matric number analogy? Yes, it applies here. When you take a course in another department, or you switch faculties, your matric number will not change. The same way, your BVN does not change from bank to bank.

Also Read:

  But what of my other bank
accounts?
That’s easy. Let’s say you have three accounts i three different banks. Let’s call them, bank A bank B, and bank C. Here’s what you do: walk into Bank A with any acceptable form of ID – driver’s license, national ID card, Voter’s card, National passport. Register for the BVN. Wait for 24 hours and get the number sent to you via SMS. Take that number to Bank B. Tell whoever attends to you, I got a BVN and I wanna link my account.
Remember to say it with attitude. And a smile. Repeat for Bank C, ad infinitum. What if I change my address? Or my name? Go to the same bank where you got your BVN and tell them you need to update your biodata. Your BVN number remains the same. Biometrics. Sounds like a medical term Don’t worry. They won’t be placing needles in
you or anything like that. The biometrics refer to your unique human features which would make it more difficult for anyone to impersonate you or access your account without proper authorization. It’s an extra layer of security. If you’re thinking retinal and DNA scanners, you’re probably thinking 25 years ahead. Right now, the only biometrics they need from you are your 10 digit finger prints, your picture (a headshot) and your biodata. Boring, I know. Welcome to twenty first century Nigeria. Wait, those biometrics aren’t things that can be done over the phone Exactly. There’s no registering for a BVN by proxy. You have to be in the bank to do it. In fact, folks who are outside the country had to return to
register. Otherwise, no BVN. But the authorities are starting to make concessions on that. Wow! Sounds serious Did I mention this thing is being enforced by the CBN? The Central Bank has endured a lot of bad press and seem determined to correct a lot of that this year by implementing changes in the system. So they are taking this BVN campaign very serious.

   They’re even clamping down on Bureau de Change operators, ordering them to refuse any transactions without presentation of BVNs. In fact, any Bureau de Change that fails to adhere to instruction will be penalised (first offenders would be made to pay a fine of a million naira).  Read more

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