BVN On Mobile Phone
BVN is an acronym for Bank Verification Number. It is a Biometric Identification System initiated by Central Bank of Nigeria and used by Nigerian Banks. BVN was introduced to check fraud in the Banking system. It accomplishes this by assigning unique identity to all Bank customers in Nigeria. This Unique identity is verifiable across all Banks in Nigeria.
Bank Verification Number also known as BVN is an 11 digit number. The BVN serves as your universal ID in all the banks or financial institutions in the country.
The need for BVN came up when the Central Bank of Nigeria (CBN) implemented its cashless policy. One of the reasons for the BVN was to curb all forms of financial fraud and theft. Additionally, your BVN also enables you carry out transactions at any point of banking operations.
Here’s the statement released by the CBN with regards to the BVN
“Identity theft and fraudulent transactions have become a menace to the global banking system in recent times. In order to ensure trust relationship in the Nigerian banking system is not undermined, The Central Bank of Nigeria in collaboration with all Nigerian Banks launched Bank Verification Number (BVN) project in February 14, 2014. The BVN uniquely identifies every customer across the Nigeria banking industry using biometric details. It is a requirement for operating a bank account in Nigeria as no withdrawal shall be made on accounts without validated BVN (customers in diaspora accounts were exempted till January 31, 2016”
Overall, the BVN can be said to be an initiative by the CBN to ensure transparency, security and easy assessment of data in accordance with best practices in developed countries. These are the benefits of having a BVN:
- Secures your bank account
- Exposes fraudulent transactions, theft and blacklisted customers
- Provides with a unique ID that you can use in any bank
Once you register, the BVN is attached to your name across all banks or financial institutions in the country.
Despite being an 11 digit number, you don’t neccesarily have to memorise your BVN. There are ways to check the number on your mobile phone anytime you need to even if you don’t have an internet connection.
Ussd Code To Check BVN On Mobile Phone
To check BVN on your mobile phone, simply dial *556*0#.
This ussd code works on all mobile networks in Nigeria such as MTN, Airtel, 9Mobile, and GLO.
Note: You only retrieve your Bank Verification Number if you have already registered for it in any of the Nigerian Banks.
How To Enroll For BVN
Any Bank account holder is expected to approach any Nigerian bank and enroll free for Bank Verification Number. After registration, the account holder is assigned a unique number that consists of 11 digits.
Examples of the unique code look thus
Bank Verification Number is expected to handle the following issues in Nigerian Banking Industry.
- To protect Account of Bank customers from unauthorised access
- Reduce Bank fraud and identity theft
- Improves efficiency of banking operations
- Assigns unique identity to bank customers that is verifiable across all Nigerian Banks.
Are you an account holder in any of the Nigerian Banks? Do you have many accounts in different Banks in Nigeria? You need only to enrol once for BVN in one of the Banks. Then , visit the other Banks that you have accounts and simply update your Bank verification Number on those accounts.
Most Nigerian Banks offer online Bank Verification Number update on your account. I have listed some of them below. Simply dial the USSD code with the mobile number attached to the Bank account.
Note: If you have plenty mobile numbers, the number that receives alert whenever transaction occurs in your bank account is the registered mobile number attached to the account number.
Various Bank’s USSD Code to update your BVN online
UBA update , dial *919*6# (view UBA official website)
Zenith Bank , dial *966*BVN# (View Zenith Bank official website)