On Tuesday, 30th June 2015 banks were swamped with people trying to get their BVN sorted before the deadline (I was one of them!). Fortunately for those who couldn’t quite make it the deadline was extended until October. Now if you haven’t registered for you BVN an you’re wondering why you have to or indeed you have but don’t really know why, here are 6 things you need to know –
- BVN stands for Bank Verification Number.
- According to the Central Bank of Nigeria, the aim is to provide “greater security for access to sensitive or personal information in the Banking System” using biometrics.
- One BVN registration in one bank covers all your accounts in different banks.
- BVN currently only applies to individual account holders (not corporate accounts) and is mandatory for all individual customers.
- Registration by proxy is not acceptable nor are you able to register online.
- After the deadline, you may not be able to do any financial transactions in any bank in the Nigerian banking system as your fingerprint will be required for authentication.
The enrollment process for acquiring your BVN is quite simple –
- Visit any branch of the bank you have an account with. Collect and fill the BVN enrollment form with the required personal information.
- Submit the completed form to a designated official at your bank, who would then transfer the information given into a computer database.
- The official will take your photograph and finger prints.
- Your signature will be captured electronically.
- A small temporary registration acknowledgement slip will be issued to you, followed by an email or SMS conveying similar information.
- A BVN identification card with a computer chip bearing your embedded personal information will be issued to you for collection at your designated bank branch.
The new and final deadline, October 31st 2015 will be here before you know it so make some time and go do it!
For more information, visit the official website www.bvn.com.ng
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