Bank Verification Number- BVN is an initiative of the CBN to ensure transparency, security and easy assessment of data in accordance with best practices in developed countries. The Central Bank of Nigeria through the Banker’ Committee and in collaboration with all banks in Nigeria on February 14, 2014 launched a centralized biometric identification system for the banking industry tagged Bank Verification Number (BVN).
THE BENEFITS OF BANK VERIFICATION NUMBER (BVN)
- BVN gives a unique identity that can be verified across the Nigerian Banking Industry (not peculiar to one Bank)
- Customers Bank Accounts are protected from unauthorized access
- It will address issues of identity theft, thus reduce exposure to fraud
- The BVN will enhance the Banking Industry chances of being able to fish out blacklisted customers
- Reduce queue in Banking Halls
- Standardized efficiency of Banking operations
- The Customers unique BVN is accepted as a means of identification across ALL Nigerian Banks
- To provide a uniform industrially accepted unique identity for Bank Customers
- To authenticate transactions without the use of cards using only biometric features and PIN
- Identification of blacklisted customers
- The purpose of the 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, as a means of authenticating customer’s identity at point of transactions.
In my very own opinion, i like the entire plan aside from the very fact that, i have to memories the Eleven (11) digits . That not a big deal though, since we can now get our BVN anytime on our mobile phone even without Internet connection.
How To Check Your BVN via Mobile Phone
To Check your BVN on your mobile phone, simply dial *565*0# from that particular line you used for registration at the bank.
Have you tried this, Please make sure you comment below. Enjoy!
If you are yet to do your BVN, hurry before the deadline elapses.