Having a bank account opens up financial access, yet obtaining a BVN presents challenges for some. This guide examines options and workflows for establishing a savings facility sans BVN while addressing limitations upfront.
Why Pursue Banking Without BVN?
Challenges around securing a valid BVN drive some exploration of alternatives, such as:
- Difficulty accessing enrollment centers due to location/mobility issues.
- BVN acquisition delays due to registration process bottlenecks.
- Failure to produce residency/ identity documents for valid reasons.
- Avoiding temporary exclusion from accounts till BVN linkage validation.
However, understanding restrictions maintained awareness of ontradeoffs.
Available Options for BVN-Less Banking
Main pathways observed across major banks include:
- Bank Mobile Apps: Downloadable from play stores, easesignup digitally after providing basics.
- USSD Banking Codes: Dial shortcodes like 7370# or 9660# from any phone for self-registration.
- Walk-In Branch Application: Paper forms submitted manually for evaluation before account creation remotely or instantly.
These new-gen banking channels minimize documentation and physical presence barriers to entry.
Opening Via Bank Apps – A Case Study
Let’s review the app-based process comprehensively:
- Download FirstBank or Zenith Bank mobile app from official stores
- Tap on ‘Open Account’ and fill online application form inserting basic KYC
- Upload clear selfies and submit documents via app interface
- Application processed immediately or within 24hrs with account creation
- Receive SMS and app notification of account number credit
Now, account access and transactions hinge on app functionality alone.
Opening With USSD Codes
The steps involve:
- Dial specified bank USSD codes like 7370# for GTBank
- Select account opening and feed basic details sought
- An OTP gets sent for validation before account confirmation
- Account number instantly received or within few hours
- Transactions hinge on USSD menu until BVN linkage
This option works seamlessly across all networks and handsets.
Submission At Bank Branches
One can walk into any branch location of choice to:
- Pick an opening form and fill with photo and contacts
- Present valid ID proof for verification and documentation
- Form submitted and account activated in 1-3 days maximum
- Notification channels include email, text or calls thereafter
This manual process ensures personalized account management later on.
Documents Typically Required
Core documentation universally sought includes:
- Valid means of identification – Driver’s license, International passport etc.
- Recent utility bills (NEPA, rent receipts) not older than 3 months
- Passport photograph
- Contact details and residential address
Additional paperwork may be needed in some instances.
Key Advantages Of BVN-Less Banking
Some major pros include:
- Immediate account access for basic transactions
- No dependence on BVN enrollment schedules or processes
- Overcomes institutional bottlenecks in formal ID acquisition
- Fulfills temporary banking needs of migrants, students etc.
- Digital options available 24/7 remotely via devices
However, certain limitations remain as well.
Limitations Of BVN-Less Accounts
Key constraints attached include:
- Strict transaction limits (usually ₦100,000 maximum deposit)
- Debit restrictions on withdrawals and third-party transfers
- Ineligibility for full banking services and digital channels
- Higher risks of account takeover or fraud without e-contracts
- Upgrade difficulties on name, and address changes later without BVN
Discussing tradeoffs upfront ensures informed choice-making.
Frequently Asked Questions
- What happens after my BVN is available?
BVN can be linked seamlessly to upgrade and activate full account functionality.
- Is address validation conducted?
Some banks may verify residence physically but most rely on ID and bill match.
- How long before the account is active?
Instant activation on apps/USSD; 1-3 days post manual enrollment normally.
- Can I request a debit card later?
Not possible until permanent account upgrade post-BVN linkage validation.
- What steps to upgrade the account?
Visit the bank branch with BVN, ID, and fill upgrade form to activate advanced services.