What exactly is BVN? If you’re not already aware, BVN stands for Bank Verification Numbers. This is a nine-digit number that is used by the banks and other financial institutions to verify the identity of their customers and other individuals working with them.
That said, BVN verification in Nigeria revolves around proving your identity through an assigned code. There are several ways you can get a BVN as well as ways to verify it if you already have one. Let’s take a look at everything you need to know about BVN in Nigeria.
- 1 What is a Bank Verification Number (BVN) in Nigeria?
- 2 How to get a BVN in Nigeria
- 3 Why is BVN Important in Nigeria?
- 4 How to verify your BVN in Nigeria
- 5 Things you can do with your verified BVN
- 6 Why is BVN important?
- 7 Can You Still Operate Without a BVN?
- 8 FAQ: Is it the same as an ID?
- 9 Who Can Get BVN
- 10 Conclusion
What is a Bank Verification Number (BVN) in Nigeria?
A Bank Verification Number is a code that banks use to verify your identity. It is also sometimes referred to as a SIM verification code or an electronic PIN. Basically, it’s a nine-digit code that banks will give you in order to confirm your identity.
This process will involve you giving them your name, email address, phone number, and BVN code. You will also give them other identifying information like your date of birth, address, and ID number. You can get a BVN either through the bank you choose or through a financial services provider.
It is important to remember that these two providers have different standards so if you have a BVN from one, you can only verify it with the same bank.
How to get a BVN in Nigeria
What you need to do to get a BVN in Nigeria is first sign up for a bank account. Note that most banks will not offer accounts to individuals without a BVN. When you open your account, you will usually be given the option of choosing to get a BVN.
You may also have the option to have another individual get a BVN on your behalf. Once you have your BVN, you will have to link it to your bank account. This is how you will verify your account in order to get your BVN.
Once that is done, you can use your BVN to verify your identity with banks and other financial institutions. You can also use it to generate tax compliance codes. This might be necessary if you are required to file taxes but don’t have a valid TIN number.
Why is BVN Important in Nigeria?
BVN has a few different benefits. For one thing, it makes it much easier for banks to verify customers’ identities. This makes it harder for fake accounts to be opened and prevents identity theft. As such, your BVN is an important part of your identity.
It’s also used by other companies that need to verify your identity. This includes online services like online banks, online stock trading, and online insurance. It is also used to verify your identity when you want to receive payments from individuals in other countries.
How to verify your BVN in Nigeria
First, log into your online banking account. Then, select the “Verify” tab and enter the BVN number. You will then be prompted to enter the given code. Once you have done so, a confirmation message will be displayed on the screen.
This will indicate that your BVN has been verified. If you are using a mobile app, you will have to go to the app menu and select “Verify Your BVN”. Then, you will have to enter the BVN number followed by the code you received. If you are using a desktop, you will simply have to log into your account and enter your BVN number and code.
Things you can do with your verified BVN
One of the biggest benefits of a verified BVN is that it makes it easier to open bank accounts online. It also makes it easier to open other financial accounts, like those for stocks, mutual funds, and insurance policies. It can also help you to avoid transaction fees.
Many banks offer discounts on their fees if you verify your BVN. It is also useful when you receive payments from individuals in other countries. This is because they will need to verify your information before they can send money to you. BVN can be used as a valid method of identification.
Why is BVN important?
As we’ve discussed, BVN is a very important part of your identity. Thus, it is important to verify your BVN as soon as you get it. It is also necessary to keep your BVN information updated. This is because the information on your BVN can change over time.
For example, if you move, you will have to update the address listed on your BVN. It is also important to keep your BVN information secure. You can do this by avoiding sharing your BVN on social media. You should also avoid giving your BVN to people who don’t need it. This includes your online bank or agent.
Can You Still Operate Without a BVN?
Yes, you can still operate without a BVN. However, it will make it much more challenging to do so. For example, you won’t be able to open a bank account since all banks will require a BVN. You also won’t be able to receive payments from individuals in other countries. This is because they will need to verify your information before they can send money to you. You also won’t be able to get a SIM card or a new phone number. This is because you need a BVN to get a new SIM card.
FAQ: Is it the same as an ID?
No, a BVN is not the same as an ID. An ID is only required for certain types of transactions. With BVN, you can do just about anything that requires identity verification. An ID will often be used for things like boarding an airplane or entering a government building.
Who Can Get BVN
Anyone who is over the age of 18 can get a BVN. This means that both adults and minors can get BVN. As long as they are legally allowed to work in Nigeria, minors can get BVN. You may need to provide additional identification, such as your birth certificate, to prove your age.
BVN is a nine-digit code that banks use to verify your identity. This is important to help prevent identity theft and make it easier for banks to identify their customers. It can also be used to verify your identity with other financial services, like online stock trading or insurance policies.
It is important to verify your BVN as soon as you get it as well as keep your information updated. Anyone over the age of 18 can get a BVN and it can be used to open bank accounts and receive payments from other countries.