The BVN which in full stands for Bank Verification Number, is a unique Biometrical identification system that was implemented by the Central Bank of Nigeria for the purpose of reducing Bank related crime issues in the country.
Every bank user in Nigeria with a BVN has a unique 11 digits number (which is the BVN). One BVN can be used to open multiple bank accounts with different Banking companies. Discover how you can check your BVN on your MTN line by the end of this post. Let's get rolling.
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HISTORY OF THE BVN
As stated above, the BVN stands for Bank Verification Number and it became a mandatory number for bank users in Nigeria to have.
The registration process for the BVN began on the 14th of February, 2014 and since then, it has become a very useful piece of data in the Nigerian banking system.
The BVN was introduced in line with the Central Bank Of Nigeria Act 1958. You can know more about the BVN when you visit Wikipedia. Having know a brief history of the BVN, let's get to know how you can check your BVN with an MTN line. Stay with me.
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HOW TO CHECK BVN ON MTN
Checking your BVN on your MTN line doesn't come with much hassle as you think. Please note that, you can only check your BVN on your MTN line if you used that particular line (number) to register for the BVN. Join me as I show you how.
Step 1: Go to your phone Dialer
Step 2: Dial this simple USSD code which is *565*0# and hit your MTN SIM icon.
Step 3: Now, your BVN will be displayed to you. Please note that this service cost N20 and it will be deducted from your airtime balance.
See, it's that easy.
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BENEFITS OF HAVING A BANK VERIFICATION NUMBER
Below are some benefits of having a BVN you never knew;
1. SECURE BANKING TRANSACTIONS: BVN ensures that your bank account is secure and protected from unauthorised access. This is the utmost reason for the introduction of the BVN.
2. EASY ACCOUNT MONITORING: With BVN, you can monitor your accounts across all banks in Nigeria. Your BVN number is unique and belongs only to you, in some cases, bank officials in bank offices will ask for it for account updates and processes.
3. REDUCED IDENTITY THEFT: BVN helps prevent identity theft and fraud by ensuring that only authorised individuals can access their accounts. One BVN for one individual.
4. INCREASED CREDIT FACILITIES: BVN enables banks to assess your creditworthiness, making it easier to access loans and credit facilities.
5. SIMPLIFIED ACCOUNT OPENING: BVN makes it easier to open new accounts, as your information is already verified. With one BVN, you can easily open and verify accounts on Financial platforms.
6. ENHANCED FINANCIAL SECURITY: BVN helps the government and financial institutions combat money laundering and terrorism financing.
7. CONVENIENCE: BVN eliminates the need to fill out lengthy forms or provide identification documents repeatedly. Since your biometric information is attached to your BVN, there's no need for additional information on most Fintech platforms.
8. METHOD OF VERIFICATION: Financial related platforms in some cases, require BVN as a method of profile and account verification. Industries such as Crypto Exchanges, Loan Apps etc require BVN as a means of verification for Nigeria amongst others such as Voters Card and the likes.
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CONCLUSION
I hope you have learnt how you can check your BVN on MTN easily thanks to this article. Thanks for stopping by and reading my post, please read more.