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Important facts you should know about your BVN

Your Bank Verification Number, also known as BVN is an 11-digit code attached to your data (your name, date of birth, photograph and fingerprint).

What does the Central Bank use this data for?

To limit illegal transactions. Note that you BVN helps to keep your money safer, by making it harder for your identity to be stolen. Disclosing your BVN like revealing your account number, however, as regards BVN it exposes all YOUR banking

Can someone use your BVN to steal your money?

Although your BVN is your financial ID card which anyone could use it to access some of your information and orchestrate fraud, NO ONE can access funds in your account by just being in possession of your BVN details just as nothing can be done with any other of your identity cards. Your BVN is different from your ATM number, CVV and card PIN. Before someone can achieve such theft, the person must have your ATM number, CVV, card PIN or/and Login details.

How many times can you change the date of birth in your BVN?

  1. Correction of date of birth on BVN record can be allowed only once, with supporting documents, confirming the correct date of
  2. Change of Name due to marriage should be allowed with supporting documents, such as marriage certificate/affidavit

How can you get your BVN back if it’s lost?
Just dial *565*0# on the phone that’s registered as your financial contact number. You’ll get a text message with the necessary information.

Is it possible for someone to access your bank accounts with your BVN without your consent?

YES. Bankers who maintain your account can have access to your accounts at any time for whatsoever may be the reason(s). They do not need permission from customer for accessing the account. … If you want to dispute this right, the only option for Bank will be to close the account.

This is where I have some reservations. If a crooked banker hands over your BVN to his/cohorts then they would have access to all your vital information. They actually may not be able to use these information to steal your funds, but it is a scary thought for people you may not now to have your vital information. Just a personal paranoia though…

Note that no one can access funds in your account by just being in possession of your BVN details just as nothing can be done with any other of your identity cards. That said, be smart. Picture your BVN as a gateway to your finances and never post your BVN on public forums, social media and you shouldn’t give it out to any person, app or entity you can’t trust. Emphasis on TRUST!

If anyone calls you on the phone or sends you an email/text, requesting for your BVN and you are having doubts, reach out to your bank/financial service provider and ask them directly if they need your information. 

Parting shot: your BVN alone cannot be used to steal or transfer money out of your bank account.

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Important facts you should know about your BVN

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