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

Comments

Post a Comment

Popular posts from this blog

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 bank branches in California . Gtbank BVN .
Read more

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 Nigeria. Alumnus, University of Cape To
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 to his on
Read more