ALL YOU NEED TO KNOW ABOUT THE BVN
The Bank Verification Number (BVN) has come to stay and a lot of Nigerians are going to be better for it. It is possible that your financial destiny can be tied to 11 digit numbers. The increasing rates of crimes relating to the banking industry has necessitated the need for banks in Nigeria to up their game interns of ensuring that the financial security of their customers are given a nod in the right direction. As at August, the total number of people who have registered for their BVN reached 49,601,441. For a country like Nigeria with a population of more than 150 million people; this is a lot. The banking needed to up their game; especially as customers complaints of breaches in their accounts. Thus, the real-time monitoring of bank accounts became necessary. Customers on their part had to ensure they do their biometric screening at their bank branches all over the country. So far, BVN have been a gift that keeps giving.
Benefits Of The BVN
The BVN gives a special identity to customers which can be verified across the Nigerian Banking Industry which is not totally exclusive to a particular bank.
With the BVN, customers’ bank accounts are protected from unauthorized access or breaches as the case maybe.
The BVN address issues of identity theft.
The advent of the BVN will enhance the Banking industry’s chances of being able to fish out blacklisted customers who are not credit-worthy.
The emergence of the BVN has ensured that crowds are reduced in banking halls.
With the BVN holding sway, standardized efficiency of banking operations is guaranteed.
The customers’ unique BVN is accepted as a means of identification across all Nigerian banks.
Things You Should know About The BVN.
NIBSS could not have put it better on this one. The following are things you should know about The BVN:
A unique ID number shall be issued to every Bank customer at enrolment and linked to every account that the customer has in ALL Nigerian Banks.Individuals shall be required to submit an acceptable means of identification as prescribed for enrolment.
Customers of banks shall be required to enroll within a fixed period after which they shall no longer be able to operate their Bank accounts, Capturing of all ten (10) fingers and facial image will be adopted
For authentication purposes, individuals performing banking transactions (e.g applying for loans) shall be required to identify themselves using their biometric features which will be matched against information in the central database.
Update of customer information shall be done at their Bank Branches physically. Banks shall be prompted during account opening and credit check if a customer has been blacklisted by ANY Nigerian Bank.
The BVN and unique features of an individual shall be used in conjunction with a PIN on a point of transaction
How to Register For BVN
According to Opera News, you will be required to present the following items before registration:
Visit any branch of your bank,make sure you have any one of these valid form of Identification:
- International Passport
- Drivers Licence
- Voters’ Registration Card
- National ID Card and
- One recent passport photograph.
- Collect and promptly fill the BVN enrollment form with all personal data about you,make sure you make no mstake.
- Submit the completed form to the designated person in charge of the enrollment.
- Your photograph and finger prints will be taken.
- You will sign your signature and it will be captured electronically into the data system.
- A temporary registration acknowledgment slip will be given to you,an email or SMS conveying the same information might be sent to you be issued a card which contains personal details including your BVN number.
- BVN registration exercise is mandatory for all individual customers.
- Registration in one bank covers all your other bank accounts with other banks
Best BVN Loan Apps in Nigeria.
The Business Insider Africa gave a golden a golden touch to this sub-topic. They state thus:
In no particular order, here are some of the best instant loan apps in Nigeria providing financial credit services to people, established businesses, and most importantly, the often-ignored small-medium enterprises SMEs.
PalmCredit enables customers to access loans using a virtual credit card.
This loan service is straightforward, and within minutes, you can get up to ₦100,000 worth of loans using the mobile app.
To qualify and receive a loan, you only have to follow three easy steps of registering a PalmCredit account, getting approved, and finally, receiving payment to your account.
Each time you repay your existing loan, your loan limit increases to the ₦100,000 mark.
The Branch Loan is another reliable lending platform in Nigeria. With this platform, users can receive loans amounting to ₦200,000 from a minimal amount of ₦1000 within 24 hours, and customers are expected to make loan repayment within 4 to 40 weeks.
Receiving a loan attracts 15 to 34%, which depends on several conditions, including the customer’s repayment history and the amount of lending.
To qualify for this loan, you require no collateral or substantial assets. You have to enter your details on the Branch Mobile App to see if you are eligible.
The Migo loan platform is credit access to all. It allows even lower-income customers, which the conventional credit firms often ignore, to access loans. Customers can access from ₦500 worth of loan up to ₦500 000.
Using its data, Migo uses ML algorithms to ascertain credit risk when customers put in their details. However, customers do not need any collateral or documentation to ask for a loan. The best way to see if you qualify for a Migo loan is to apply on the Migo loan portal or dialling *561#.
The platform is simple to use. All you have to do after visiting the loan portal is to enter the details required. You are to enter and verify your mobile number, select your best choice for a loan, finally, add your banking information to get paid.
Another excellent and reliable loan platform in Nigeria is Lidya. It came into existence in 2016 with the goal of lending emerging markets credits. It presently has its headquarters in the US and has other operations in Portugal, Poland, and the Czech Republic apart from Nigeria.
Emerging enterprises can receive loans above ₦150,000 with an interest rate of 3.5% per month. They can access it directly from their mobile phones by simply visiting the website or downloading the app.
To apply and get loans from Lydia, firms have to add their bank statements or upload their transaction history to be considered for a loan. Your data is analysed within 24 hours, and if you have a satisfactory credit score, you will be eligible for a loan.
Renmoney is a Nigerian financial loan platform that facilitates and supports the financial inclusion of micro-businesses and small-medium enterprises, SMEs.
With Renmoney, emerging enterprises can receive up to ₦100,000 worth of loans having an interest rate of 2.8% monthly.
Businesses seeking to acquire a loan from Renmoney must have a good bank statement. Their transaction record should boast of regular monthly revenues to show their ability for repayments.
Carbon, once known as PayLater, gives access to anyone in need of loans within minutes. Users urgently in need of loans can request and receive them instantly and effortlessly.
Like the many other loan firms in Nigeria, Carbon requires customers’ Bank Verification Number (BVN) to ascertain their loan credit. Users can receive up to ₦20 million with an interest rate ranging from 5-15%, depending on the repayment time frame and the amount of loan received.
Other services provided by Carbon include airtime recharge, money transfer, and bill payments.
Aella Credit presently operates in Nigeria, Ghana, and the Philippines, allows users, particularly employees, to receive loans from ₦2000 to ₦100,000,000. It attracts a monthly interest rate of 6% to 20% and requires customers to make loan payments within three months.
This firm simplifies and creates financial inclusion in all emerging markets. Apart from loans, it provides services in investments, payments, micro-insurance, and peer-to-peer money transfers.
To qualify and receive a loan, you have to download the Mobile App, create an account, then update your profile. On updating your profile, if you are eligible for a loan, you will be able to receive funds in your bank account within minutes.
The BVN was introduced by the Central Bank of Nigeria (CBN) in 2014 to nip in the bud the crimes emanating from the banking sector in Nigeria. It involves identifying an individual based on physiological or behavioral attributes, such as fingerprint, signatures and others. The customers unique BVN is accepted as a means of identification across all banks systems across the country. This means that a person’s BVN is relevant everywhere and anywhere.