Bank Verification Number also known as BVN is an eleven digit number that serves as an identification number. It is also your universal ID in all financial institutions in the country. BVN was not in use until February 14, 2014, when the Central Bank met with all banks in Nigeria. They all agreed to launch a centralized biometric identification system for the banking industry. The major reason for the advent of BVN was to cut or totally rule out all forms of illegal transactions.
The BVN was given to all people with a Nigerian bank account either home or abroad. Your BVN allows you to carry out financial transactions at any time and you only need one BVN even if you have multiple bank accounts. There are some things you need to know about BVN.
Benefits of having a BVN
- It provides you with your own unique identity and it can be verified across the Nigerian banking sector.
- It links all your bank account together. For example, if you have accounts with UBA, First Bank, and GT Bank, all these accounts will be linked together.
- All your Bank accounts will be protected
- It will cut queues in the banks
- Banking operations will be done effectively
- It will cut identity theft
How to recover your BVN
If you have lost your BVN for one reason or another and you want to recover it, it is simple. All you need to do is dial the code *556*0# on the phone number that is registered as your financial contact number. If you have registered, you will receive the required information.
If you are not yet registered, you will receive the following information: “sorry your number is not enrolled on the BVN platform. Thank you for using the BVN service”. The service is not free, a sum of 20 naira will be deducted from your account. The code works for all Nigerian banks (UBA, First Bank, GT bank etc) and mobile operators (eg Airtel, Glo, Mtn etc).
Apart from the code, each bank has their own specific code which is used by only their customers. For example, GT bank customers can check their BVN by dialing *737*6*1#.
light sleeper, heavy dreamer.