Bank Verification Number – All You Need to Know

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The major goal of Bank Verification Number (BVN) project is to use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank

Bank Verification Number is a biometric identification system implemented by the Central Bank of Nigeria through the Banker’ Committee and in collaboration with all banks in Nigeria to curb or reduce illegal banking transactions in Nigeria.

BVN technology records physical features which are unique to individual’s fingerprints and face.

Goal: The major goal of BVN project is to use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, to authenticate customer’s identity at point of transactions and uniquely verify the identity of each Banks customers.

How to check your Bank Verification Number right on your phone

This is short and straight to the point. This is how to go about it:

  1. Dial *565*0# on your phone
  2. Make sure the SIM card you’re dialing with is the one you used when registering for a bank account
  3. Wait for few seconds and your Bank Verification Number will appear on your screen.

There you go!

Importance of BVN:

With the increasing incidents of compromise on security systems (passwords and PIN), there’s a high demand for greater security for access to sensitive or personal information in the banking system.

Security: To protect bank customers, identify blacklisted customers, reduce fraud and strengthen the Nigerian banking system

For all account holders: Helpful to people who cannot read or write: The finger prints and pictures of these people serve same purpose as signatures

Flexibility: Multiple account holders are covered with a single registration in any of the banks they have accounts in. With this, transactions will be authenticated without the use of cards using only biometric features and PIN, and long queues will be reduced in Banking Halls.

Dates involved and Analysis:

  • On February 14, 2014 the Central Bank of Nigeria launched the biometric Identification system tagged Bank Verification Number [BVN]
  • The registration for BVN officially closed June 30, 2015
  • As at June 11 when the Bankers Committee met, they stated that only 14 million customers had been registered for the BVN.
  • According to an organization Enhancing Financial Innovation and Access in Nigeria, only about 28.6 million adult in the country have bank accounts.
  • The Electronic Payment Providers Association of Nigeria states that the number of bank account holders (made up of both individuals, including children and organizations) has reached 76 million out of the population of 170 million people.
  • Going by the above stats, This means that in the first 16 months of the BVN exercise, if only 14 million people have registered, the remaining 14.6 million could not have been registered in the space of 3 weeks (from June 11).
  • Analysts have asserted that enforcing the deadline without an extension would defeat the purpose of the whole exercise.

How to enroll

  1. Walk into any branch of your Bank
  2. Fill and submit the BVN enrolment form
  3. Present yourself for data capturing (such as Fingerprint, facial image, etc.)
  4. An acknowledgement slip will be issued to you
  5. Within 24 hours the system confirms your application and your BVN is generated, and you receive an SMS for pick up.

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