You may have heard about the Bank Verification Number and may be wondering what the big deal is? Well the truth is there is a big deal.
You see the BVN first of all is compulsory. That means if you don’t get it done before June 30th, 2015 you will not be able to do banking transactions or access your account.
Secondly the BVN is necessary. It’s necessary because it helps keep your money safe. How? Simple. If you are familiar with banking you will know that every single transaction done in the bank has to go through some kind of verification. Sometimes these verifications take a lot of time and it has to be repeated every single time. The BVN helps to simplify, speed up and improve the process. All you need to do is register, get a number and every time you do a transaction, that number is referenced and authenticated, saving both you and the bank valuable time, because as they say Time is Money.
Also when somebody else is trying to withdraw money from an account it verifies the identity of the person, so if someone tries to defraud you by issuing an illegal check on your account, the full identity of the fraudster is immediately known.
So basically the BVN saves you time, is convenient and is currently the most secure means of conducting bank transactions in Nigeria.
You may also be wondering that since you have so many accounts, does that mean you have to do it for all your accounts. The answer is No. Why? Because you have only one identity. BVN verifies you the person and ties all your accounts to you. So you simply register at any of your banks and CBN ties all your accounts to that BVN number. It’s like having one Bank Verification Number to rule all your Bank accounts.
So head over to your bank and get yours done. It’s much easier and faster to do than you think.