Similar to a security number, the BVN is used by banks and other financial institutions to identify a person by their bank account information. One of the many elements added to the Nigerian banking system to overhaul the industry and stop unacceptably risky financial activity is the bank verification number (bvn).
The first known public banking organization was established in Nigeria’s initial effort at an organized banking system in 1989, and since then, the country’s financial industry has seen significant volatility and failure. Mismanagement of depositor funds and occasionally fraudulent actions have been linked to some of the banking system’s failures over time.
Since then, a number of regulations have been put into place to guarantee the system’s expansion and prevent it from failing. Owing to the assistance of organizations like the Nigerian deposit insurance commission (NDIC), the central bank of Nigeria (CBN), and others. Utilizing the bank verification number, which was put into place in accordance with the Act of 1958.
What is BVN?
On February 14, 2014, the CBN introduced the bank verification number in partnership with the bankers’ committee, to thwart fraudulent activity in the Nigerian banking sector. When a customer registers their biometric data with a banking institution, they are given a special set of 11 digits.
Across numerous and compatible electronic platforms, BVN easily verifies and validates the identities of the clients. the efficiency of the number is derived from its connection to all of the person’s bank accounts and, consequently, all of their banking activities.
As a result, if a person’s account with a banking institution is used to perpetrate financial fraud, that person’s information will be revealed. the BVN database is searched to present pertinent data on a person. This information—which includes names, and contact information—is referred to as bio-data.
It is comparable to a security number, but it allows banks and other financial institutions to recognize a specific person by their bank account information.
How to check your BVN on Glo:
Make sure your glo sim card is activated and registered, and that your account balance is sufficient.
- Dial 5650# on your glo cellphone.
- To confirm the BVN inquiry, select 1.
- Enter your bank account number’s last four digits.
- To continue, select “1” and “yes.”
- The last four digits of your bank account number should be provided.
- Your phone’s screen will display your BVN.
Only the glo sim card that you registered for your BVN can be used to check your BVN. please be aware that this service will cost you 20 naira. you can still verify your BVN if you have forgotten it by going to the NIBSS BVN validation portal online. But you can contact the NIBSS BVN helpdesk at 07008484666 to check your BVN.
What is the code for BVN in Glo?
The universal code *565*0# is used by mobile network providers in Nigeria like mtn, Etisalat, airtel, and Glo to confirm BVN. this code will be useful if you’re seeking for a quick way to get your BVN number.
How can I check my BVN without a code?
The customer support person will need your account information as well as identity papers like your passport, national id card, or driver’s license. Your BVN number will then be given to you by the customer care agent.
Can I check my BVN with another number?
From any cell network, dial *565*0# to get your bank’s verification number. this is the universal bank code.