Increased fraudulent operations, particularly in Nigeria, were made possible by digital transactions’ quick and steady growth. The government consequently implemented a biometric identification system. The purpose of this method is to lessen and eventually stop fraudulent and illegal banking activities in Nigeria. This biometric identification system is termed the Bank Verification Number (BVN).
In Nigeria, having a BVN is currently required to open and use a bank account. Without one, your bank accounts would freeze and stay frozen. All forms of bank accounts fall under this.
Have you registered for your BVN but cannot access the number? There’s no need to panic, as this can be easily done on your MTN sim. The guidelines for viewing your BVN on your MTN sim and other important information will be addressed in this article. Read along to find out.
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What Is A BVN?
The BVN functions similarly to a security number, allowing banks and other financial institutions to link a person’s bank account information to their identity. Registering with a biometric device gives you this one-of-a-kind 11-digit number. The identification of a person based on physiological characteristics, such as a fingerprint, voice, or set of facial features, is known as biometric registration.
The Central Bank of Nigeria (CBN), in partnership with all Nigerian banks, initiated a centralized biometric identification system called the Bank Verification Number (BVN) on February 14, 2014, to combat the growing compromise of customer security information like passwords and PINs as well as the difficulties banks face with identity and access management.
How Can I Get A BVN?
The process of registering for a BVN is rather easy to understand. To register successfully, follow these steps:
- Go to your bank and ask for a BVN enrollment form while carrying a valid ID such as a voter’s card, driver’s license, or national ID.
- Fill out the form and upload a photo and fingerprints as proof of your identity. The bank will collect your biometric data.
- They would issue you a ticket ID after the biometrics were finished.
- After registering, you ought to get your BVN number in a few days
Nowadays, many banks provide a fully digital procedure where you can download the form online. The next step after receiving your BVN is connecting it to your other bank accounts. Visit your bank and ask for a form; this will allow you to finish the process.
How Can I Check My BVN On MTN?
Fortunately, you may receive your BVN without going into the banking hall. You can use your phone to check your BVN number from any location without jeopardizing your security. After that, you can store it for later use.
The first step before using this service is to confirm that the line you intend to use is the one with which the BVN was registered. If you enrolled with MTN, you could not check your BVN using another network provider.
Once that has been confirmed, you can proceed to check your BVN by following these easy steps:
- Dial the USSD code *565*0# using your phone’s dialer
- Wait a moment for the 11-digit number to appear
- The number should be copied. You have two options, copy and use it immediately or store it for later.
How Can I Check My BVN Online?
To verify your BVN number, if you choose not to use the BVN MTN USSD code, log into your mobile banking app and check it online. The bank’s mobile app can be downloaded and installed.
You can see your account profile after registering and logging in to the internet banking app. You may locate your bank’s verification number under your account profile.
How Much Will It Cost To Check My BVN On MTN?
Only N20 is required to check your BVN number using the USSD code (*565*0#). You don’t need to make a payment if you’re checking it out via your online banking app, though. After verifying your BVN number, copy it so you won’t have to keep paying the fee each time you require your BVN number.
What Are The Benefits Of Having A BVN?
There are many advantages to having the Bank Verification Number (BVN), including the following:
- Your account is shielded against illegal access by BVN.
- Easy identification across all Nigerian banking institutions
- lowers the danger of financial fraud and identity theft
- BVN provides a simple credit system.
- simplifies banking operations
Do I Need My BVN To Apply For A Loan?
Yes is the quick response to this. You do. It’s simple to apply for a loan using your BVN. All fintech companies want your BVN to grant you a loan. This is due to the ease with which they can locate defaulters and present a case for recovering their funds.
In contrast to commercial or microfinance banks, you are not required to submit loan applications or provide collateral to these fintech organizations. Instead, all you need to do is download their app, register, and get a loan right away.
It should be noted that the procedure for checking your BVN is identical across all lines and banks. Because each person is given a singular BVN that all banks utilize, whether you are a customer of GTB or UBA, you use the same code to check your BVN. This implies that even if you have accounts with every bank in Nigeria, your BVN will remain the same and connect them all to you.
To get the full details on your BVN, please stop by your bank branch and ask for the whole information related to your BVN. You are only permitted to check the 11-digit number on MTN, as the rest of the data is not made available.