The BVN which is known as Bank Verification Number is a Biometric system mandated by the Nigeria apex bank (CBN) that each and every Nigerian banking in the country must have an identification number that will be used in identifying a customer across all banking platforms in Nigeria.
According to Mr. Victor Etuokwu, the executive director of retail banking of Access Bank Nigeria. During their last conference before the launching of Access Bank DBALite Account, he stated that Access Bank disburses 12 to 13 billion Naira every month as a loan to its customers. In his speech, he mentioned that the bank controls over 60 percent of the digital loan landscape in Nigeria and which is one of the reasons the bank needs to do more.
If you look at this, you’ll see more reasons why there is a rise in the demand for digital loans because even the traditional banks already giving out loans without collateral.
What Is BVN?
The high rate of fraud in Nigeria has compromised the security system of the banking sector in Nigeria. The need for a better method of securing customer information and money needed to be introduced to substitute the old security method which is (Password and PIN).
The BVN has proven to be a better alternative since it was introduced because it creates a unique identity across the Nigerian Banking industry and with its physiological attributes- fingerprint, voice, facial feature, etc. Addressing the old security challenge has become a thing of the past.
How To Get Your BVN/ Enroll For BVN
- Visit any bank in Nigeria
- Your Biometric Data will be captured (fingerprint, photograph, and signature)
- You’ll be given a Ticket ID
- You’ll Receive Your BVN Number via your registered phone number
How The BVN Works
Advantages of BVN/ Benefits Of BVN
- Biometric enrolment is helpful to people who cannot read and write.
- BVN helps the banking system to identify loan defaulters that have been blacklisted by the credit bureau.
- BVN is a great initiative that helps in reducing illegal banking transactions and improving national financial intelligence gathering.
How To Check BVN Online
How To Get a Loan Without BVN
Below Are the Best Loan Companies In Nigeria Offering Loans
- Carbon or Paylater
- Fair Money
- Palm Credit
Where To Get Loans Without BVN
- Loan From Family
- Loan From Business Associates
- Loan From a Friend