One of the most common questions asked is whether it’s possible to enroll for a Bank Verification Number (BVN) without physically visiting a bank. While the concept seems convenient, there are certain realities to consider. Let’s examine the process of BVN creation and various associated aspects in detail.
What is BVN?
A Bank Verification Number acts as a unique identifier issued by the Central Bank of Nigeria (CBN) to link a customer’s identity details like name, fingerprints, etc to all their existing and future bank accounts.
Key features include curbing banking fraud, simplifying KYC processes, and verifying individuals electronically. It involves capturing biodata during registration which gets stored centrally in NIBSS databases.
BVN enrolment involves visiting a recognized bank branch, filling out forms, and undergoing biometric scanning to generate the 11-digit number. This number then seamlessly links an individual across different Nigerian banks digitally.
Is Online BVN Creation Possible?
The simple answer is no, it is not possible to enroll for a BVN without physically visiting a bank branch or approved registration center in Nigeria as of now. Here are the key reasons why:
- BVN registration mandatorily requires capturing biometric identifiers like fingerprints, photographs etc which can only be done via authorized biometric devices present at physical locations.
- Sensitive financial data involved in the process needs proper ID verification for which physical presence along with documents is necessary to establish credentials.
- The centralized BVN database maintained by NIBSS gets seeded during the in-branch enrollment after requisite validations only. No remote online registration interface exists.
- Security and risks of possible impersonation or lack of authentication warrant the need for the on-premise, supervised enrollment procedure involving bank officials.
So in summary, the requirements of collecting biodata coupled with the need for direct oversight do not support a purely digital self-service BVN enrollment model as of current infrastructure and processes.
BVN Registration Outside Nigeria
For Nigerian citizens residing overseas, the options are also limited to physical centers approved by CBN and not banks per se. While such international registration points do exist in certain countries, their availability globally is restricted.
Some locations where Nigerians abroad can enroll include centers in the United Kingdom, the United States of America, Canada, South Africa, etc. However, for those in unserved regions, visiting Nigeria continues to be the only route presently.
BVN Without a Bank Account
It is mandatory to have an existing bank account in order to enroll for BVN in Nigeria. The bank uses its resources and systems to collect required information during the in-branch process while also linking the generated number to customer records.
Without an account, individuals cannot initiate or complete the registration formalities. Hence, the sequence involves first opening a valid bank account as per KYC norms followed by visiting the same branch to enroll for the identification number.
Account Restrictions Without BVN
As per CBN directives, bank accounts not linked to a BVN are subjected to significant restrictions including:
- No withdrawals or outgoing credits are allowed from the account freezing its usage.
- Denied access to loan applications and other banking services or platforms.
- Blocked from transacting via digital channels like net banking or mobile apps.
- Higher scrutiny of activities and potential deactivation or closure after a period.
Hence, it is critically important to enroll for a BVN at the earliest possible after account opening for seamless usage of banking facilities in Nigeria.
BVN Creation Process
In summary, the step-by-step enrollment procedure to generate a BVN requires:
- Opening a valid bank account with the required KYC documents.
- Visiting the corresponding branch post account activation.
- Filling registration form providing all personal and identity details.
- Undergoing biometric data capture of fingerprints and live photographs.
- Verification and authentication of submitted information.
- Generation of unique 11-digit BVN linked to the bank account.
- Receipt of BVN enrolment completion SMS/notification.
Only by following these stages successfully at a physical location can a customer acquire their Bank Verification Number in Nigeria as of the current operational framework.
Conclusion
To summarize, the mechanism of BVN enrolment mandated by CBN regulations does not presently allow self-service online registration from remote locations due to the need for in-person identity verification and biometric data capture.
Given its important function in securing financial transactions digitally, the on-premise enrollment process strikes a balance of convenience and security. Individuals are recommended to plan their BVN registration promptly post account opening at their respective banks for hassle-free access to comprehensive services.
While purely digital KYC-led instant BVN generation may seem an attractive prospect, especially for busy professionals, the outlined dynamics at this stage necessitate the physical interaction route inclusive of the risks and benefits it brings to the Nigerian banking system overall.