The Bank Verification Number, commonly called BVN, is a biometric identification number in the database of the Central Bank of Nigeria to curb or reduce illegal banking transactions in Nigeria.
The BVN is an 11 digit number that serves as a customer’s universal means of identity in all banks across Nigeria. This is a very important step by the CBN to re-emphasize the cashless policy which Nigerians seem slow to understand.
BVN is a great initiative that would reduce illegal banking transactions and improve national financial intelligence gathering.
The interests of account holders should be accorded importance so that their increased confidence in the banking system would improve the financial standing of banks.
Below are important questions and answers you must know about your BVN
Can someone access my account with my BVN?
Bank verification number (BVN) can only disclose your identity, but can’t be used alone to steal your money. You should feel free to give it out when requested for anything important like registering on the Npower website or accessing any financial service. many digits is BVN?
How many digits is BVN?
The BVN code is an 11 digit number that acts as your universal ID in all banks in Nigeria.
Can I have more than one BVN number?
No. You are not meant to have more than one BVN.
Is BVN a secret number?
BVN is not your National ID card number. It is a private number that should be used strictly within the financial system because it holds the key to your online financial life.
Does my BVN provide access to my account?
The answer to this question is YES and NO. Somebody with your BVN can access your account but can’t touch the account at the moment.
Can someone steal your money with your BVN?
BVN number cannot be used to transfer money from your bank account. It is a rumor that once you give out your
BVN number to wrong people, they automatically have access to your
account and can steal money from your bank account.
How do I link my BVN to my phone number?
To link your BVN with 5652#, follow the step below:
1) Dial *565*2# using the phone number you used during your BVN registration. After dialing you will receive a prompt with a list of banks.
2) Select a bank you want to link your BVN and reply with the number put beside the bank number.
3) Enter your bank account number.
How can I check my BVN with a phone number?
In order to know your Bank Verification Number (BVN), Dial the USSD code 5650# in your phone to check your Bank Verification Number (BVN).
How long does it take to correct name on BVN?
Your BVN change of name will be effected in less than 24 hours after you have filled the correction form
How do I secure my BVN?
- Avoid Sharing your BVN online! .
- Ignore completely, any Email asking you for your BVN! .
- Avoid Clicking on Links in the mails you receive!