Home / Finance / CBN MANDATE- APPLY AND COLLECT YOUR BVN CARD FOR FREE OR YOUR ACCOUNT GOES DORMANT

CBN MANDATE- APPLY AND COLLECT YOUR BVN CARD FOR FREE OR YOUR ACCOUNT GOES DORMANT

Do you know………………….?

The cost of the BVN card is free and borne by the Bankers’ Committee and in few months time, one cannot transact without a BVN card.

BVN initiative is aimed at protecting bank customers and strengthening banking. It is an initiative of the Central Bank of Nigeria (CBN) and the Bankers’ Committee to save customers’ funds, avoid losses through compromise of personal identification numbers and other criminalities in the industry.

With the increasing incidents of compromise on conventional security systems (password and PIN), there is a high demand for greater security for access to sensitive or personal information in the Banking System. In recent times, biometric technologies have been used to analyze human characteristics as an enhanced form of authentication for real-time security processes.

The Central Bank of Nigeria through the Bankers’ Committee and in collaboration with all banks in Nigeria on February 14, 2014 launched a centralized biometric identification system for the banking industry tagged Bank Verification Number (BVN).

The Benefits

  • BVN gives a unique identity that can be verified across the Nigerian Banking Industry (not peculiar to one Bank)
  • Customers Bank Accounts are protected from unauthorized access
  • It will address issues of identity theft, thus reduce exposure to fraud
    The BVN will enhance the Banking Industry chances of being able to fish out blacklisted customers
  • Reduce queue in Banking Halls
  • Standardized efficiency of Banking operations
  • The Customers unique BVN is accepted as a means of identification across ALL Nigerian Banks

This biometric identification system is a unique identifier for evaluating one or more distinguishing biological traits. With this, a single unique identification number is given to an individual which the bank uses to link accounts of any Nigerian account holder. The absence of this BVN leads to an account moving into dormancy.

A need to provide this Bank Verification Number(BVN) in a ‘card-like’ form eventually cropped up and everyone is mandated to apply free online and get this BVN card in their respective banks and customers will not pay for the BVN cards to be issued to them, rather the cost will be borne by the Bankers’ Committee.

Application procedure

  • Register online and a confirmatory notification would be sent as SMS while for those that have given their email address, it would be sent as a mail.
  • A date of collection and your desired pick-up bank/branch will be communicated to you via SMS or email.

NOTE- No financial institution/bank will ever call you requesting for your Bank Verification Number or ATM Debit Card details.

BEWARE OF FRAUDSTERS !!!

 

 

 

 

 

 

 

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