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How To: Benefits and Procedures Of Bank Verification Number

The Bank Verification Number, BVN, is a Central Bank of Nigeria, CBN, initiated cashless policy, aimed at acquiring customers’ data, strengthening the security of banking transactions and checking fraud in the banking system.

 

The campaign which has been on, will come to an end in June 2015.

Scores of the general public may not realise its importance, 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.

The fraudsters 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.

Here are the reliable steps all bank customers must follow, about Bank Verification Number in order to achieve a seamless registration.

The enrollment process for acquiring your BVN is simple.
– Visit any branch of the bank you have an account with. Registration by proxy not acceptable.
– Collect and fill the BVN enrollment form with all personal data about you.
– Submit the completed form to a designated official at your bank, who would then transfer the information given into a computer data base.
– The official will take your photograph and finger prints.
– You will sign your signature that will be captured electronically into the data system.
– A small temporary registration acknowledgement slip will be issued to you, followed by an email or SMS conveying a similar information.
– A BVN identification card with a computer chip bearing your embedded personal information will be issued to you for collection at your designated bank branch.
– BVN registration exercise is mandatory for all individual customers.
– Registration must be completed on or before June 30, 2015.
– After deadline, you may not be able to do any financial transaction in any bank in the Nigerian banking system as you will require your fingerprint for authentication.
– BVN registration is for individual account holders for the meantime till further notice.
– Registration in one bank covers all accounts the individual might have in all other banks.

ALSO READ  Nigeria Not On The List of 10 Fastest Growing Economies in Africa

Once a person’s biometrics has been recorded, and BVN issued, the account would be accessed through BVN.

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One Comment

  1. Although advanced asset protection planning can utilize off-shore trusts and off-shore bank
    accounts, those tools and techniques are the exception rather than the rule.
    However, due to inflation you essentially would have made nothing.
    It is important that you have some stories to tell in the process.

    Reply

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