If you want to know how to validate your BVN (bank verification number) online, this article is for you. This identification code continues to be increasingly important in Nigeria’s banking and finance sector. It is a sensitive information that is linked with almost every service in banking and finance. This means that a lack of BVN may deny you access to various financial services.
An Overview Of BVN
The Central Bank of Nigeria (CBN) introduced the BVN system in 2014 to address the rising concerns of financial fraud, identity fraud, and money laundering in the financial sector. As such, the BVN has become a nationwide cornerstone of identity verification for banks and other financial services as part of the KYC (know your customer) procedure you must complete.
This unique identifer is assigned to every individual banking customer in Nigeria to accurately verify their identity. It is a centralized database that aggregates your personal information like name, date of birth, and contact details, as well as your biometric information such as facial recognition data and fingerprint.
As important as having a BVN is in Nigeria, the system affords you the convenience of validating your BVN online. So this eliminates the need to walk to bank branches or administrative offices.
How To Validate BVN Online
You can check your BVN through USSD and BVN validation portal.
1. Using USSD
You must use the mobile phone number you registered with your BVN to check the number. This means that you can not use another phone number to check your BVN. So once, you are sure of using the registered phone number, follow these steps:
- Dial the USSD code “*565*0#.”
- Wait for a response after dialing the code to receive an 11-digit number that appears on your screen. That is your Bank Verification Number (BVN).
- Copy or save the BVN for immediate or future use. But you will be charged N20 for every BVN check.
2. Using BVN Validation Portal
The Nigeria Inter-Bank Settlement System (NIBSS) portal is another way you can validate your BVN online. Here are the steps:
- Visit the official NIBBS BVN validation portal.
- Enter your name and date of birth.
- Enter the phone number linked to your BVN.
- Click “Submit.”
- Choose your preferred payment option and pay the mandatory N20 fee.
- Upon the confirmation of your payment, you will see the verified BVN on your screen. You can take a screenshot or copy the 11-digit number to save it for future purposes.
Reasons You Need A BVN
1. Identity Verification
Digital payment platforms like Prestmit require you to verify your identity using a valid means of identification, such as the BVN, NIN (National Identification Number), or an international passport. The provision of the information clears you to perform your desired financial operations.
2. Payment And Beneficiary Verification
You may need to provide your BVN to process payments from non-governmental organizations (NGOs) or the government as a beneficiary. This can be the case in grant applications such as applying for the Nelfund student loan or social welfare programmes like the Trader Moni. You can also provide the information during NYSC registration.
3. Loan Application
There are many loan apps in Nigeria today that provide you access to credit facilities. But the lender will require you to provide your BVN to verify your identity before accessing the loans.
4. Linking Different Accounts
In the case of having different bank accounts with multiple financial institutions, you must provide your BVN to enable you to link the accounts together. Always remember that you can only have a single BVN, irrespective of the number of accounts you have.
5. Security Purpose And Fraud Protection
Your BVN is your unique banking identifier, which the CBN put in place to ensure your account is not vulnerable to fraudsters.
Frequently Asked Questions (FAQs) About Validating BVN Online
How Can I Check My BVN Online?
You can check your BVN by dialing *565*0# on the phone number you used to register for the BVN. Alternatively, you can visit the NIBSS website to validate your BVN.
Can I Have More Than One BVN?
No, you can only have a single BVN, regardless of the number of bank accounts you have in Nigeria. You will be required to link your account with your BVN whenever you open a new account.
Can I Access Financial Services Without My BVN?
It may be almost impossible to access any service in Nigeria without a BVN. This is because the information is part of the requirements to have an account with any financial institution in the country, and your service offering may be limited due to the lack of a BVN.
Conclusion
We can not overemphasize the necessity of having a BVN in Nigeria, as this is unique information that carries your identity. Whether you are opening a new account with a financial institution or planning to access a loan, you must provide the number to verify your identity. Therefore, it is imperative to have your BVN handy.
