In Nigeria, when it comes to financial security and accountability, there’s one highly important document. This document is the Bank Verification Number (BVN). The BVN was introduced by the Central Bank of Nigeria (CBN) in 2014 and has since become an essential requirement for anyone who wants to engage in any financial transaction.
The benefits of having a BVN go beyond banking. In addition to protecting individuals, the BVN also helps financial institutions verify the identity of individuals before carrying out any financial transaction.
This post explores the reasons why you need a BVN and also adds a note on why it is important for signing up on Changera. Keep following.
What is BVN?
As mentioned earlier, BVN stands for Bank Verification Number and it is an identification system introduced by the CBN in 2014. It is a unique set of 11-digit numbers that is linked specifically to your biometric data such as fingerprints or facial recognition.
The main purpose of having a BVN is to create a secure means of verifying your identity in the Nigerian financial system. This helps to provide an additional layer of security to prevent fraud or theft.
How Does the BVN Work?
When you want to apply for a BVN, you’ll be required to visit a designated enrollment center. At this center, you’ll provide your bio-data including your name, date of birth, address, and any other relevant information. In addition to these, you’ll be required to submit your biometric data— fingerprints and facial recognition. Your bio data together with your biometrics is then stored securely in a centralized system.
Once your BVN is issued, it’ll be linked to your bank account and other financial services, like Changera. This simply means that you’ll need your BVN to verify your identity when you want to perform a financial transaction. Some of these transactions may include opening an account, applying for a loan, or making a payment.
Why You Should Have a BVN in Nigeria
If you’re an account owner in Nigeria, having a BVN is one of the most reliable ways to protect your finances as well as verify your identity. The following are reasons why a BVN is an important tool for an account holder in Nigeria.
Due to the increasing number of fraudulent transactions and fraudsters, the security of bank transactions was under serious threat. However, with the introduction of BVN, these fraudulent activities have greatly reduced and hopefully, will be completely eradicated in years to come.
Centralized Bank Data
If you own multiple accounts in different banks, a BVN will consolidate your information and make it centralized. This makes it easier for banks to track your financial history accurately. For example, if you request a loan from one bank, a BVN can help that bank to know your banking history and determine your credibility in terms of loan payment. This ensures that banking institutions do not lose money.
Easy Banking for the Uneducated
The Bank Verification Number makes it easy for people who can’t read or write to operate in financial safety. They only need to use their fingerprints and physical features to carry out financial transactions.
Easier Account Management
A BVN makes it easier to manage your accounts. You can link multiple bank accounts to one BVN, thereby making it easier to monitor transactions across all your accounts. This helps you to streamline account management conveniently, and you can easily track funds, monitor balances, and access statements more efficiently.
Access to Government Programs
Many government programs and initiatives require individuals to have a BVN. If you have a BVN, you can easily access these programs and receive the benefits. Some of these schemes include scholarships, TraderMoni scheme, N-power, and various agricultural intervention programs.
How to Register for Bank Verification Number
Registering for a BVN is quite simple and every Nigerian should undertake the process to protect themselves from financial and identity theft. The following is a step-by-step guide on how to register for a BVN.
Locate a designated enrollment center: this is usually at branches of various banks across the country.
Prepare the necessary documents: these include your personal information such as your full name, date of birth, address, and valid means of identification, which could be your National Identity Card, Permanent Voter’s Card, International Passport, or Driver’s License.
Visit the enrollment center.
Provide your personal information and biometric data.
Receive your 11-digit BVN.
Link your BVN to your bank accounts and financial services.
Protect your BVN by ensuring you don’t share it with anyone.
Why your BVN is Needed on Changera
Of course, a key aspect of signing up on Changera includes providing your BVN details. Here’s why this is important:
1. Regulatory Compliance
In Nigeria, all financial institutions need to follow strict Know Your Customer (KYC) and Anti-Money Laundering (AML) laws. Therefore, obtaining accurate BVN information from all users allows us to operate effectively within these rules.
2. Identity Verification
Having access to your BVN ensures we confirm your identity by cross-matching with the government’s existing database. This way, criminals cannot open accounts on Changera with fake BVNs.
Providing your BVN during registration on Changera allows us to keep your funds secure. This is because successful BVN linking prevents identity theft and hacking. Furthermore, it reduces the risk of other fraudulent activities on your account.
Verifying Your Account on Changera
Having a BVN offers numerous benefits that transcend traditional banking. A BVN provides a safer, more inclusive, and efficient financial system in Nigeria.
That’s why when you want to sign up on a digital financial platform like Changera, a BVN is an important requirement.
Changera is a leading financial services provider that allows users access to various services like money transfers, airtime purchases, flight ticketing, and many more.
You’ll need to download the mobile app, create an account, and verify your account to enjoy access to the available features. The following steps will guide you on how to verify your Changera account using your BVN:
Login to your account and you’ll be prompted to take a selfie. Click “Continue” to take a selfie, then click “Submit” once you take the selfie picture.
On the next screen, enter your home address to continue the verification process. On the same page, you’ll be asked to enter your BVN. After entering your BVN, click “Continue” to proceed to the next page.
Verify your proof of residency with any of the following documents: driver’s license, passport, identity card, or voter’s card. Click on “finish” to submit your documents.
Your account will be verified in about 20-30 minutes and will be ready for use.
That’s all it takes to sign up and verify your account on Changera. There’s no need to linger. Download the Changera mobile app today to start exploring all the opportunities available!