Your BVN, or Bank Verification Number, is crucial to prevent identity theft and fraud in banking. It’s a must for transactions and setting up new accounts. This 11-digit number acts as your ID across different bank accounts, linking them together.
Identity theft and fraudulent transactions have become significant challenges to the global banking system in recent years. To maintain trust in the Nigerian banking system, the Central Bank of Nigeria, in collaboration with all Nigerian banks, launched the Bank Verification Number (BVN) project on February 14, 2014.
The BVN serves as a unique identifier for every customer across the Nigerian banking industry, utilizing biometric details. It is mandatory for operating a bank account in Nigeria, as withdrawals cannot be made from accounts without a validated BVN.
To check your BVN easily, use the USSD code *565*0# on your phone. It costs just around 20 naira, and your BVN will be sent to you as a text message. Remember, use the phone number registered to your BVN when dialing the code.
How to check my BVN online zenith bank
If you need to check your BVN online with Zenith Bank and don’t have access to your linked SIM card, you can follow these steps:
- Open the NIBSS BVN Online Portal.
- Log in using the required details and password.
- Once logged in, you will be able to access and view your BVN.
It’s important to note that this method can be challenging because many people might not have the login details for their BVN registration on the NIBSS portal, as banks usually handle this process.
If you are unable to log in on the NIBSS online portal, another option is to contact Zenith Bank’s online customer care service. You can chat with a customer care representative through the Zenith Bank app, website, or their official social media accounts.
How to check BVN on zenith bank app
To check your BVN on the Zenith Bank mobile app, follow these simple steps:
- Open the Zenith Bank mobile app on your device. If not installed, download and install it from your app store.
- Log in using your account details, typically your account number and password. If you don’t have an account on the app, click on “Sign In” and follow the given instructions to set it up.
- Once logged in, navigate to the home screen of the app and find the BVN on the dashboard. If it’s not visible there, check for the account option in the menu.
It’s recommended to keep your BVN recorded in a secure place so that you can easily provide it when required. This method is convenient and avoids SMS charges associated with checking BVN through USSD codes.
Benefits of BVN
The benefits of the BVN include:
- BVN provides a unique identity that can be verified across the Nigerian Banking Industry
The Bank Verification Number (BVN) serves as a unique identifier for each customer within the Nigerian banking system.
It contains biometric details such as fingerprints and facial recognition, ensuring that each customer has a distinct identity that can be verified across all banks in the country.
This helps in preventing cases of mistaken identity and ensures that customers’ banking activities are accurately recorded and tracked across multiple financial institutions.
- Customers’ bank accounts are protected from unauthorized access
With the implementation of BVN, customers’ bank accounts are safeguarded from unauthorized access.
Since BVN requires biometric authentication, such as fingerprints or facial recognition, to access accounts, it significantly reduces the risk of unauthorized individuals gaining entry into customers’ accounts.
This enhances the security of customers’ funds and financial information, providing peace of mind to account holders.
- It addresses issues of identity theft, thereby reducing exposure to fraud
Identity theft is a prevalent issue in the banking industry, where fraudsters impersonate individuals to gain access to their accounts or commit fraudulent activities.
BVN helps to reduce this risk by providing a secure and reliable method of verifying customers’ identities through biometric data.
By accurately identifying customers, BVN helps in detecting and preventing instances of identity theft, thereby reducing the overall exposure to fraud within the banking system.
- It enhances the credit system in the Nigerian Banking Industry
BVN also plays an important role in enhancing the credit system within the Nigerian banking industry. By providing a comprehensive database of customers’ financial activities and credit history across multiple banks, BVN enables lenders to make more informed decisions when assessing individuals’ who are suitable to receive financial credits.
This improves access to credit for customers and promotes responsible lending practices within the banking sector.
Additionally, BVN helps in reducing cases of default and non-performing loans by providing banks with accurate and reliable information about customers’ credit history and financial behavior.
Overall, BVN contributes to a more robust and efficient credit system, benefiting both customers and financial institutions alike.
Conclusion
The Bank Verification Number (BVN) has brought numerous benefits to the Nigerian banking system. It has provided customers with a unique and secure identity that can be verified across all banks, ensuring protection against unauthorized access and reducing the risk of identity theft and fraud.
It has significantly contributed to improving the efficiency, security, and integrity of the Nigerian banking industry, benefitting both customers and financial institutions alike.