Monday, July 6, 2015

Your account doesn’t shut down without BVN, here’s what happens to it

 
 
The greatest fear on the minds of Nigerians that are yet to carry out the exercise, is that they will lose access to their accounts but fear not, you won’t!
Muazu(The director, Corporate Communications, CBN) has assured that even without the BVN, bank customers will still have access to their accounts,  he however listed out three implications the implications of not enrolling for the exercise.
  1.  Services/facilities (internet/mobile banking, loans etc) will have some restrictions
  2. Transactions valued at N100,000,000.00 (One hundred million Naira) and above will only be allowed for customers with BVN
  3. Loan applications will be rejected.
In case you didn’t know, the bank verification number was introduced majorly to solve identity management challenges in the banking sector.
The bank verification number gives every bank customer a unique identity across the banking industry, since it has a centralised biometric identification system which can be used for every identification and verification at Point of Banking Operations.
Here are some benefits of having a bank verification number:
  1.  Your Bank Accounts are protected from unauthorized access
  2.  Your BVN gives you a unique identity that can be verified across the Nigerian Banking Industry (it is not peculiar to one Bank)
  3.  Your BVN is accepted as a means of identification across ALL Nigerian Banks
  4.  Its cuts down fraudulent activities on bank accounts
  5.  Gives easy access to Banking operations
If you don’t know how to get your Bank Verification Number BVN, just walk into any bank of your choice to make enquiries and get it done today.

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