Bank Verification Number: Why Banks and Other Financial Institutions Require Your BVN for Transactions

The Bank Verification Number (BVN) is an 11-digit number that gives each customer a unique identity that can be verified across the Nigerian Banking Industry, from traditional financial institutions to modern-day fintech companies like PAYED.

Without your BVN, it is almost impossible to conduct meaningful financial business in Nigeria. This is because the BVN serves as an identification document for the customer and gives access to sensitive and personal information within the banking system. More importantly, it helps battle fraud and other related security issues in the Nigerian financial ecosystem.

The Importance of the Bank Verification Number

With the rising issues of fraud and the increasing incidents of compromise of the banking security systems in Nigeria, a unique code tied to each individual with a bank account was created. The code, otherwise known as the BVN, gives account holders a single identity across all Nigerian banks, which means that the BVN number can be used as a form of identification in any Nigerian bank.

The Central Bank of Nigeria, in collaboration with all Nigerian banks, came up with BVN to provide greater security for access to sensitive or personal information in the Banking System. The code was designed to be required for all banking activities, from making withdrawals to requesting and replacing an ATM card. You also need the code to register for online banking, use the bank mobile app, upgrade account, and much more.

Outside of the identification and security reasons behind the creation of the BVN, a few benefits have been tied to the linking of a BVN to an account. These benefits include allowing bank customers to participate in future investment banking transactions and access to future credit opportunities.

How to get your Bank Verification Number

• Complete the enrolment form at any bank across the country
• Capture your biometric data (fingerprint, photograph and signature) on the system
• BVN will be sent to your registered mobile number

How to Check BVN Across All Banks in Nigeria

To retrieve your BVN, simply dial *556*0# on your registered mobile number. The USSD code allows you access your Bank Verification Number (BVN) in all commercial banks in Nigeria without having internet connectivity. This costs N20.