This is one of the common questions asked by people: how to open a bank account without a BVN in Nigeria.
Well, I have you covered in this article, as I will explain everything you need to know about opening a bank account in Nigeria without using a Bank Verification Number.
But first, I don’t recommend this type of account opening, and I will state my reasons for saying this in this article.
Let’s proceed to how to open an account in Nigeria without a Bank Verification Number.
How to open a bank account without a bvn in Nigeria
To open a bank account in Nigeria without a bvn, you need to use the bank ussd code or the mobile app.
Banks have provided their customers with the option to open a quick banking account with them without using a BVN. This involves dialing a USSD code or using the bank’s mobile app.
Let me go ahead and explain these two methods which you can use to open your bank account today without using a Bank Verification Number.
1. By Using The Bank More APP
This method requires you to go to the Google Play Store or Apple App Store and search for “the Bank Mobile.”
Once you have found the app, download and install it on your mobile phone.
Now launch or open the bank app.
Right there, you will see where it stays open account, tap on the very option and follow their own screen guideline to open your quick bank account.
I’m quite sure that banks like GTbank, UBA, Zenith Bank, Access Bank, Fidelity Bank, First Bank, etc., have the option to open a quick banking account with them without using a BVN via their mobile banking app.
For example, I used this method to open an account with first bank.
First, I downloaded and installed the First Bank app on my phone, and from the app, I opened an account with First Bank. Within 24 hours of opening my account, I received my account number.
For this type of method, I call it the online method to open an account without bvn because it requires internet connection and you must have an android phone or an iPhone.
2. By using the bank ussd code
This method requires you to dial the bank USSD code to open a quick banking account with the bank.
Here, no internet connection is required, and it can be done on any phone, be it an Android phone, an iPhone, or a future phone.
For example, To open a quick banking account with Zenith Bank, you simply dial *966*0# and follow the on-screen instructions.
For gtbank, you need to dial *737*0# and follow the screen instructions to open your bank account.
The good thing about this is that you will receive your account number immediately, and it does not take more than 2 minutes to create your accounts and receive your account number, depending on the bank.
However, in some banks, you will receive your account number within twenty-four hours of creating your bank account with the bank.
Mostly, I will recommend using the USSD code because it is very easy and convenient for everyone, no matter the type of phone you are using compared to using the bank mobile app to open your account ount because it requires using an android device or an iPhone.
USSD code requires no internet connection, while the mobile banking app requires an internet connection.
As it is very fast and convenient to create a bank account without using a BVN, there are major disadvantages to this type of account opening, and I will explain them below.
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The disadvantages
The disadvantages of opening a a bank account without a BVN is as follows;
- There will be a debit restriction on the bank account.
- There’s a maximum credit deposit to this type of bank account.
- There’s no interest rates for this type of bank account.
- You can’t request for a debit card for ATM card.
Let me go ahead and explain them one after the other.
1. Debit transaction will be restricted
This will occur because the bank account has no view fan linked to it first off.
It is mandatory that every bank account in Nigeria should have a BVN linked to it. If there is no BVN linked to the account, debit transactions will be restricted or the account will be frozen.
This means that you cannot withdraw the money in the account, buy airtime and data, or pay for bills using the money in the account.
Once you link your BVN to the bank account, the restriction will be removed, and you can withdraw money or buy airtime and data from the bank accounts.
2. Limited amount to be received into the account
A quick banking account has a transaction limit of one hundred thousand naira as it falls under the tier one category.
Therefore, you cannot receive more than one hundred thousand naira into this type of bank account.
If you want to receive more than a hundred thousand naira into this type of bank account, you will be required to upgrade your account.
To upgrade a bank account in Nigeria requires a Bank Verification Number.
A typical example of a tier one bank account is quick banking and the student account.
In Nigeria, for you to receive up to 500 billion naira into a savings account, you must have a tier 3 or level 3 account in Nigeria.
A tier 3 account is the type of bank account that you can open with an ID such as a National Identification Number (NIN), driver’s license, international passport, voter’s card, and utility bill, and a passport.
A tier 3 account will require a BVN, and if you don’t have a BVN, the bank will require you to enroll for one right inside the bank.
3. You can’t request for a debit card
Since debit transactions will be restricted for this type of bank account, you cannot request a debit card.
To request a debit card, you must have a BVN linked to your account; otherwise, you cannot have a debit card for your bank account.
Although you can open a bank account in Nigeria without a BVN, it comes with many restrictions. Because of these restrictions, I do not recommend this type of account.
Rather, go to the bank and open a bank account using your ID, such as your National Identification Number (Nin), international passport, voter’s card, or driver’s license, as well as a utility bill, such as a NEPA bill or rent bill, and a passport.
This is how to open a bank account without a bvn in Nigeria. I’m open to your question and suggestions.