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Monday, 10 November 2014

Introduction: BVN by CBN

For some months now I have been receiving messages from two of my banks, Diamond and GTBank asking me to register for my Bank Verification Number (BVN). Because of this I have decided to share with you what this means and how to go about it.

What Is BVN?

BVN is known as Bank Verification Number. It is a Unique Identification Number of individual bank's customer, for the purpose of "Know Your Customer" (KYC).

The CBN has mandated every commercial bank to encourage their customers to register for their unique identification number, as failure to do this will lead to a penalty.

How to Enroll For BVN

1. Visit any bank branch where you already have an account or intend opening a new account

2. Meet a Customer Representative of the bank, and tell him/her what you came for.

3. The enrolment process involves the capturing of customers details, which includes fingerprints and facial image after which the BVN is generated

The major aim why the CBN is bringing in this to play is to reduce the occurrence of fraudulent activities and to be able to trace any likelihood of fraudulence in the society.

It should be noted that the BVN expires after 10 years, which means that after 10 years an individual goes back to renew his/her BVN.

No other person can use your Bank verification Number for any transaction because the fingerprints will not match. Minors are not allowed to enroll for the BVN, except Bank-able adults.

I hope this helps !!!

so go to any of your bank's branch today to enroll for your BVN.

Is there any here who have enrolled for his/her BVN? If yes! then please share your experiences with others by using the comment box.

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