To reduce and illegal banking transaction in Nigerian banking system, Central Bank of Nigeria (CBN) in 2015 directed all account holders home and abroad to enroll for a bank verification number also known as BVN.
BVN is an 11 digit identification number that gives every Nigerian with a bank account a unique identity that can be verified across the banking industry in Nigeria. This means even if you have accounts with all banks in Nigeria, you only need one BVN and you can link it to all other accounts.
This article will explain all you need to know about BVN and biometric, different ways to link BVN to your GTBank account and how to retrieve your unique number if forgotten by USSD or short code using phone and number (MTN, ETISALAT AND AIRTEL) associated with your bank account.
Bank verification number is a centralised biometric identification system launched by CBN in collaboration with all Nigerian banks to curb theft. Before we continue to top things you need to know about BVN, I will like to digress a little and explain the working principle of biometric.
Working Principle of Biometric
Biometric devices uses a reader or scanning device to scanned human biological data/characteristics like fingerprint, voice, facial features etc.., a software that coverts the scanned information into digital form & compares match points and a database that stores the biometric data for comparison. This data are usually encrypted to prevent identity theft.
To convert the biometric data, the software identify specific points of data as match points. The match points in the database are processed using an algorithm that translates that information into a numeric value. The data set value is then compare with the Biometric the end user has entered into the scanner and authentication is either approved/granted or denied.
The working principle of biometric remains the same, no matter what methodology is employed. That is, a record of human’s unique biological data that is captured and kept in database and when verification is required, a new record is captured and compared with the previous one in the database. If it matches, it confirms the identity. It is a more secure means of identification or authorisation to password.
Top things You Should Know About Bank Verification Number
1. Your BVN is accepted as a means of identification across all Nigerian banks.
2. Registration in one bank covers all accounts you have in all other banks.
3. It takes up to 24 hours after registration to get a BVN. You will receive SMS alert.
4. A BVN identification card with a computer chip bearing your embedded personal information will be available for collection at your designated bank branch.
5. It is free, reduces fraudulent activities and increase the efficiency of banking operations.
6. At point of registration, your fingerprint and facial image will be captured.
7. Your Bank Accounts are protected from unauthorized access.
8. Gives easy access to Banking operations.
9. Your Bank Verification Number remain the same for life.
How To Link Your BVN To Your GTBank Account.
As far as internet banking and integration of top notch state of the art technology into banking system is concerned in Nigeria, GTBank has always been on the top position. GTBank has provided series of ways to link Bank Verification Number to your guarantee trust bank account.
1.) Link BVN to GTBank via SMS
To link your BVN via SMS, just text + BVN number to 08076665555. E.g. BVN to 08076665555 .
2.) GTB BVN Linking Process in ATMs
· Insert your GTBank ATM card.
· Then select BVN Link on the transaction menu screen.
· Enter your 11-Digit Bank Verification Number.
· Confirm your BVN details.
· Finally, submit your BVN.
3.) BVN Linking Process via GTBank Internet Banking
· Log in to your GTB internet banking dashboard.
· Select BVN Linker from the left-hand panel.
· Click on New Request.
· From the drop down menu, insert your Bank Verification Number was issued.
· Select the Nigerian Bank were BVN was Issued.
· Answer your Secret Question and continue.
4.) BVN Linking Process via the BVN Portal on GTBank Website
· Input your GTBank Nuban and click Verify Account Number.
· Select the Nigerian Bank where your Bank Verification Number was issued.
· Input the BVN number obtained from another Nigerian Bank.
· Clink on Submit.
Please visit (www.gtbank.com/bvnlinking) to link your BVN.
5.) BVN Linking Process via 737 Mobile Banking
To link your BVN via 737, simply dial *737*20*BVN# .
How To Retrieve Bank Verification Number on Phone
To check BVN number on phone , simply dial *565*0# on a number associated or linked to your account. This works for all Nigerian mobile networks and banks. GTBank will charge you N10 naira for this transaction; it might be more or less for other banks.
You can also retrieve your bank verification number online via GTBank internet banking platform. If you have an account GTBank and have activated it for online banking, you can check your BVN number by just signing in with your PC.
That’s all on bank verification number (BVN) in Nigeria banking industry and everything else associated with it.