The Bank Verification Number (BVN) is a biometric technology with a secure unique identity to measure human attributes that serve as an improved form of verification for real-time security procedures.
The BVN is a unique 11-digit identification number that can be confirmed across all Nigerian financial institutions. It is a NIBSS project aimed at increasing the security of consumers of Nigerian financial institutions. A person’s biological traits are linked to their bank verification number: Facial pictures, fingerprints, and signatures were obtained at the time of enrolment.
A BVN is a one-of-a-kind number that is inherent in every person whose profile has been obtained, and there are around 57 million Nigerians who have them as of March 2023. The BVN database is the most reliable and comprehensive source of data for the Nigerian financial sector.
Read Also: How to Check BVN on Your Mobile Phone Number
Purpose and Origin of BVN
Due to the frequency of financial crime in Nigeria, policymakers devised a more effective method of protecting money in bank accounts. In order to establish a centralized bank verification system, the Central Bank of Nigeria, in collaboration with the Bankers Committee, launched the Bank Verification Number in February 2014.
BVN examines and validates clients’ identities seamlessly across many interoperable electronic platforms. This is known as “bio-data,” and it entails scanning a database for relevant information about an individual (it includes names, phone numbers, addresses, and dates of birth).
Benefits of the BVN
It provides a distinct identity that can be validated throughout the Nigerian financial system (not peculiar to one bank). Clients’ bank accounts are safeguarded against unwanted access. It will address issues of identity theft, lowering the risk of fraud. The bank verification number will increase the banking industry’s ability to find blacklisted consumers. Decrease the length of lines in banking halls. Banking operations have become more efficient as a result of standardisation. All Nigerian banks accept the customer’s unique bank verification number as a source of identification.
More About BVN
Every bank customer would receive a unique ID number upon enrolment and link it to all their accounts in all Nigerian banks. Enrollment requires a valid ID. Bank customers must enrol within a certain timeframe or lose access to their accounts. All ten fingers and facial images will be captured. Banking transactions (e.g., loan applications) require biometric authentication against the central database.
Bank branches will update customer data. Every Nigerian bank that blacklists a customer will notify the bank during account opening and credit checks. A transaction will use a person’s number and unique attributes along with a PIN.
How to Enrol
- Walk into any branch of your bank.
- Fill out and submit the bank verification number on the enrollment form.
- Present yourself for data capture (such as fingerprints, facial images, etc.).
- An acknowledgement slip with the transaction ID is issued to you.
- Within 24 hours, the system confirms your application, your BVN is generated, and you receive an SMS for pickup.
How to check your NIN number on MTN, Airtel, 9mobile, and Glo
Check and update your BVN online
The NIBSS platform lets you safely verify and update your information. Therefore, you don’t need to go to the bank to check your name, birthdate, and phone number or make corrections.
Via the NIBSS Validation Portal, you may quickly view and confirm your information. But, there are prerequisites before you can access data like name, contact details, or address.
In order to enhance the banking public’s data privacy, NIBBS is implementing some adjustments. Before their BVN information is returned, the BVN holders’ consent would now be confirmed.
A token would be delivered to the holder’s listed email or phone number in order to get consent to utilise the NIBSS platform. To confirm consent and complete the validation, the holder must be ready to deliver this token. The verification of consent would start as soon as payment was received. Multiple BVN validations would no longer be supported.
The steps indicated below can be used to check the status of your BVN.
- Log in to the NIBSS BVN validation portal here.
- Enter your date of birth from when you registered, along with your bank verification number. Click the search icon.
- You must choose your preferred method of payment from a list of options and pay the ₦25 verification charge.
- Once the payment procedure is complete, you will be directed to a page with your information.
Online phone number updates are available at several banks. But such consumers must use the bank’s customer service channels. Customer support commonly asks about the following: BVN Number, bank verification number registration name, Registration birthdate, Your NIN (NIN), new mobile number
Beware of giving your personal information to a phoney account or someone pretending to help.