In recent years, identity theft and fraudulent transactions have become a threat to the global banking system.
The Central Bank of Nigeria, in partnership with all Nigerian banks, launched the Bank Verification Number (BVN) program on February 14, 2014, in order to ensure that the trust relationship in the Nigerian banking system is not jeopardized.
Using biometric characteristics, the BVN uniquely identifies every customer in the Nigerian banking system.
It is required to create a bank account in Nigeria because withdrawals are not permitted without a valid BVN (customers in diaspora accounts were exempted till January 31, 2016).
The Bank Verification Number (BVN) is an 11-digit unique identifying number that can be verified at all Nigerian financial institutions.
The following physiological characteristics of an individual are matched to BVN:
• Facial photograph taken at the time of enrolling
This centralized biometric identification system (BVN) was devised basically, to solve current challenges with identity management and the increasing instances of compromise on traditional security systems (password and PIN).
As a bank, why do we require your BVN?
Your BVN allows the bank to validate your identification while also safeguarding your bank account from illegal access. The cash in your account are not jeopardized by disclosing your BVN to your bank.
Even if they already know your account number, date of birth, or BVN, don't reveal your card details, PIN, or OTP to anyone over the phone to keep your account private.