BVN…no doubt will be the 3 letter intials that will be in every Nigerian’s mouth that owns a bank account in months to come, as banks are getting ready to start restricting transaction of customers yet to register and obtain their BVN, lets understand the term BVN.
What IS BVN ?
BVN stands for Bank verification number, The goal of the Bank Verification Number (BVN) is to uniquely verify the identity of each Bank’s customer for ‘know your customer’ (KYC) purposes; The BVN helps to reduce fraud, increase the efficiency of banking operations and also enable customer access to future credit facilities.
To get your BVN a customer must enroll at any branch of a bank where he/she has an account or intends to open an account it takes upto 24 hours after registration to get a BVN, Once the BVN is generated, the bank would inform you of your BVN. All customers would receive SMS alerts. .
Please Note: Registration of Bank verification number is a must/compulsory and the BVN expires after every ten years then you re-register.
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