6 Things About Nigeria Bank Verification
Just like all countries, Nigeria central bank has rules and regulations concerning bank verification. The Central Bank of Nigeria (CBN) issued a new directive on new Bank Verification Number (BVN). This new directive has left many account holders clueless on what bank verification is all about. It is out of this that we will discuss six most important things about Nigeria bank verification.
- BVN Provides Unique Identity
The first thing that you should know about Nigeria Bank Verification is that it provides the account holder with a unique identity. This unique identity can be verified across all Nigerian banks. It is not just a unique feature to just one bank but all the Nigerian banks. Therefore, if you have different accounts in different banks, you will only need that one BVN. This new directive by the CBN is a good one that makes easy the work of several account holders.
- BVN Reduces Fraudulent Activities
Another important thing that you should know about the new directive made by the CBN is that it helps in reducing fraudulent activities. This is a very important thing to know about BVN. Given the recent fraudulent activities that have been reported on several bank account holders in Nigeria, the Central Bank of Nigeria went ahead to review the Nigeria Bank Verification in a bid to reduce the fraudulent activities. Therefore, the new BVN will help in securing your account from fraudulent activities.
- BVN is for Individual Account Holders
When the request to register BVN was issued, the Central Bank of Nigeria only called upon individual bank holders to register. Therefore, BVN is only for individual account holders. This move left out business accounts on getting BVN. However, it is expected that after successful registration of individual account holders, business account holders will also be targeted. But until such a directive is issued, BVN will only remain to be for individual account holders.
- BVN Protects Accounts from Unauthorized Access
It is worth noting that when using BVN, your account will be protected from unauthorized access. This means that only you as the account holder will be able to access the account. Previously, there had been issues of some fraudsters accessing one’s account without their knowledge. This is a thing of the past with the new directive that will go a long way to protect accounts from unauthorized access.
- Acts as Identification in All Nigerian Banks
Once you get the BVN, it will be your identity in all the banks in Nigeria. You can easily be identified by the banks using the BVN. So long as the bank is within Nigeria, the Nigeria Central Bank requires identification by use of BVN.
- Its Free
Another important thing that you should know about Nigeria bank verification is that it is free. No bank should charge you for getting the Bank Verification Number. It is a security feature that the CBN has introduced and should not carry any charge.
The above mentioned are some of the most important things about Nigeria Bank Verification that you should know.