Is My BVN Also My Sort Code?: Can I Use My BVN As My Sort Code Nigeria Bqnks

is my bvn also my sort code?, can I use my BVN as my bank sorts code?, what is different between BVN and sort code?....


   Bank verification number is not as same as sorts code. Meanwhile in Nigeria sort code was in existence before BVN and for that reason they are not same.

    Now let's look closely to their meanings one after the other.

             What Is BVN?.

The Bank Verification Number commonly called BVN is a 
biometric identification system implemented by the Central Bank of Nigeria to curb or reduce illegal banking transactions in Nigeria. It is a modern security measure in line with the Central Bank of Nigeria Act 1958 to
reduce fraud in the banking system. Wikipedia.

       What Is Bank Sort Code?.

Sort codes, in the British and Irish banking industries, are bank codes used to route money transfers between banks within their respective countries via their respective clearance organisations. In Ireland, a sort code is known as the NSC or National Sort Code and is regulated by IPSO.

   So now with all these points and definition you can be able to to point out the difference between BVN and Sorts Code.


     Also Read: list of uba sort code

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