When it comes to having a bank account in Nigeria, a Bank Verification Number (BVN) is mandatory. There is a risk if your bank account does not have a BVN or National Identification Number (NIN) linked to it.
I see many people ask if BVN is mandatory in Nigeria, especially if someone has a bank account. I tell them yes.
And when I say yes, it is a resounding yes.
So right in this article, I will explain the risk of not having a BVN linked to your account. Right now, you can have either a BVN or NIN linked to your bank account in Nigeria.
Risk of not having a bvn linked to your bank account
Below are the risks of not having your bank account linked to a BVN:
1. Limited Access to Financial Services
As long as your bank account does not have a BVN or NIN linked to it, you will experience limited access to financial services.
This means that you will not be able to access funds in your bank account.
You can deposit money into your bank account, but you cannot withdraw the money, transfer the money, buy airtime, pay bills, or pay for utilities.
Debit transactions will be restricted on your bank account.
That is to say, your bank account will be frozen.
2. Difficulty in Resolving Banking Issues
There is a type of issue you will have with your bank account that will require a bank verification number.
Now, if you are asked to provide your BVN, and you do not have one, the issue will not be resolved until you enroll for a BVN.
For example, if you want to get a signed statement of account from your bank, the account must be linked to a BVN. If the account is not linked to a BVN, the bank will not issue the statement of account to you.
3. Limited amount of transaction
To open a bank account in Nigeria without a BVN, the account must be a tier-one account, which is limited to ₦100,000.
If you want to receive more than ₦100,000 into your account, the bank will request that you upgrade your bank account.
The truth is, you cannot upgrade your account without a BVN.
A bank verification number is compulsory when upgrading your bank account in Nigeria.
Don’t Miss:
4. You can’t request for a debit card
To request a debit card, a debit transaction is required. A bank account without a BVN or NIN is restricted for any debit transactions. Therefore, you cannot request a debit card or ATM card, as we commonly call it in Nigeria.
To request a debit card, you must link a BVN or NIN to your bank account.
5. You can enroll for mobile banking or internet banking
As debit transactions are restricted, you will be unable to enroll in internet banking or mobile banking services.
What I mean by this is that you will not be able to use your bank’s mobile app or the USSD code.
They will be restricted to you until you enroll for BVN and have your bank account linked to your BVN or NIN.
6. Risk of Account Closure
Right now, the CBN is stating that bank accounts without a BVN or NIN linked to them will be closed.
So far, they have yet to carry out the threat because there are millions of naira in these bank accounts that have no NIN or BVN linked to them.
So, if you happen to open an account without a BVN or NIN, and you have not linked your BVN to your bank account, it may be closed by the Central Bank.
These are the risk of not having a bvn linked to your bank account in Nigeria.
Overall, linking your Bank Verification Number (BVN) to your bank account enhances security, facilitates smoother banking transactions, and ensures compliance with regulatory requirements.
What to do next
All you have to do is head over to your bank, go to the customer service section, and request that you want to enroll for BVN.
You will be given a BVN form to fill out. Complete the form and provide any necessary documentation required from you. Within 24 to 48 hours, you will receive your bank verification number.
Once you receive your BVN, kindly link it to your bank account. You can contact your bank for the procedure or search for the procedure online.
Remember, enrolling for BVN is free without any charges or fees from your bank. Once you have your Bank Verification Number, it’s for life and you can’t change it.
Rather, you only have the option to change the details on your BVN but not the BVN itself.
These are the risks of not having a BVN linked to your bank account in Nigeria. If you haven’t enrolled, kindly do so now, as it is mandatory for all account holders.