Opening a bank account is one of the essential financial activities that every adult in Nigeria should carry out. It allows you to safely store your money, conduct banking transactions digitally, receive funds from relatives abroad, and more.
However, having a Bank Verification Number (BVN) linked to your account is now compulsory according to Central Bank of Nigeria guidelines. Not having a BVN means you cannot fully utilize your account and access your funds.
So what options do you have if you need to open a bank account quickly but do not have a BVN yet? This leads us to the question – which bank in Nigeria allows account opening without a BVN?
In this extensive blog post, I will explain in detail which banks can be opened without a BVN, the limitations of such accounts, the process of opening them using mobile apps or USSD codes, and why getting a BVN eventually is important.
Let’s begin.
Which Banks Allow Account Opening Without a BVN?
As you would expect, almost all major commercial banks in Nigeria allow opening an account without a BVN. This includes:
- GTBank
- Zenith Bank
- Access Bank
- UBA
- Fidelity Bank
- First Bank
- Ecobank
- Stanbic IBTC
- Unity Bank
- Wema Bank
You can walk into any branch of these banks and request to open a basic savings account without submitting your BVN during account opening. The bank staff will guide you on how to fill the account opening forms in such a scenario.
In addition, digital banks like OPay, Moniepoint, FairMoney, etc also allow opening an account by just inputting your NIN number instead of a BVN.
So in summary, you have the option to open an account without a BVN at any major commercial bank or digital bank currently operating in Nigeria. Now let’s see the limitations of such accounts.
Limitations of Bank Accounts Opened Without a BVN
While you can technically open a bank account without a BVN, you will not have full access or functionality of the account until you link a BVN. Here are the key limitations:
- Debit card transactions like ATM withdrawals, POS payments, and online transfers will be blocked. You cannot access your own money in the account.
- Maximum deposit limit of N100,000. Any funds above this amount sent to the account will be held until BVN is provided.
- Inability to receive government welfare programs and salary payments which now require BBVN verification.
- Unable to register for additional bank products like loans, and insurance until BVN is linked.
- Higher risk of fraud since the account owner cannot be fully identified without BBVN.
So in summary, opening an account without BVN is more of a temporary arrangement until you are able to enroll for a Bank Verification Number. You will not be able to use the account fully for savings, payments or receiving significant amounts.
There are ways around this, however. Read on to understand the process of opening such limited access accounts through various bank channels:
Opening an Account Without BVN via Mobile Apps/USSD
Most Nigerian banks have made it very convenient to open basic savings accounts remotely without visiting a branch. Here are the options available:
Using the Bank’s Mobile App
- Download the bank’s mobile app from Play Store or App Store e.g GT Bank, Access Bank, Zenith etc.
- Tap on ‘Open New Account’ or ‘Quick Account Opening’
- Input your basic KYC details like name, DOB, email, phone number
- Accept Terms and Conditions
- Your virtual account is instantly opened!
Using the Bank’s USSD Code
- Dial the bank’s USSD short code e.g 737Amount# for GTBank
- Select ‘Open New Account’
- Enter registration details as prompted
- Accept T&Cs and your temporary account is created
This allows Nigerians without internet access also to open such limited access accounts instantly using just their basic feature phones. Funds can then be added through online transfer or at agent locations.
Opening an Account via Payment/FinTech Apps
Digital payment firms like OPay, Moniepoint, FairMoney etc have also made it possible to open wallet accounts online without a BVN currently.
- Download their app and tap ‘Sign Up’
- Input your 11-digit NIN number
- Verify your identity using selfies
- Set up your virtual account and card
While more convenient, such accounts also come with deposit limits until you eventually link a BVN for full functionality.
It is evident now that opening such temporary bank/payment accounts without a BVN is quite straightforward digitally. However, getting a BVN should still be a top priority for every Nigerian as explained below.
Why Getting a BVN is Important
As discussed earlier, not having a BVN linked severely limits the usage and functionality of your bank account. More importantly, there are significant compliance and security risks involved:
- Inability to receive significant funds from abroad or large domestic transfers as mandated by CBN’s KYC/AML policies.
- Higher risk of fraud/scams since the account holder cannot be properly identified. Impersonation is easier.
- Unable to access lucrative bank services like loans, and insurance which now require full KYC including BVN checks.
- May not be able to receive welfare benefits, salaries or settle bills which are now verified against the BVN database.
- Difficulty transacting at merchant locations, and updating account details as everything requires a linked BVN.
- Risk of account being blocked/suspended by the bank if left unattended for long without a BVN.
In addition, enrollment for a BVN is completely free at any bank branch or CBN-licensed BVN enrollment centers. It takes less than an hour on average to capture your biometrics and generate the unique BVN.
So for the convenience, security and to unlock the full benefits of a functional bank account, it is always recommended to enroll for a BVN at the earliest, especially if you urgently need an account for receipt of funds.
How to Link a BVN to an Existing Bank Account
Now let’s assume you have already opened a basic savings account without a BVN at any of the banks listed earlier. Here are the steps to link the BVN:
- Visit your bank branch with your ID card and BVN slip
- Inform the account officer you want to link a BVN
- Provide your account number and they will pull up your profile
- Mention your 11-digit BVN and they will verify it
- Your details like name and date of birth must match with BVN records
- The officer will update your profile to link the BVN
- You may be requested to provide a new specimen signature
- Your account is now BVN-compliant and fully operational
Alternatively, you can also link the BVN remotely without visiting the branch by:
- Download your bank’s mobile app and log in
- Select ‘Link BVN to account’ in the profile section
- Enter your account number and 11-digit BVN
- Your BVN is verified and linked instantly
So in summary, getting a functional bank account is now a simple two-step process – open a temporary account first, then link your BVN immediately for full usability.
Frequently Asked Questions (FAQs)
Now that we have covered the key highlights, let’s address some commonly asked questions on this topic:
Q: Is BVN mandatory for all bank accounts in Nigeria?
A: Yes, as per CBN guidelines, it is now compulsory for every bank customer in Nigeria to have their account linked to a unique BVN. Opening an account without it is only temporarily allowed.
Q: Can two BVNs be generated for the same person?
A: No, each individual can only have one unique BVN number allocated permanently based on their biometrics and KYC details captured during enrollment. Having multiple BVNs is considered fraud.
Q: What happens if I forget my BVN number?
A: Do not worry. You can visit any enrolled BVN center or bank branch to retrieve your BVN. They will verify your identity and fetch your number from the central BVN database using your details.
Q: How do I check if my BVN is correctly linked to my bank account?
A: Log into your bank mobile app or dial the bank’s USSD code. Select the “View Profile/Contact Details” option. Your 11-digit BVN should be displayed next to your other details if linked properly.
Q: Can I use my foreign passport to open an account instead of an international passport?
A: No, Nigerian banks only accept Nigerian international passports and not foreign passports for account opening and BVN enrollment under CBN KYC guidelines. You’ll need a valid ID.