The Bank Verification Number (BVN) is a unique 11-digit number that identifies all bank account holders in Nigeria. It was introduced by the Central Bank of Nigeria (CBN) in 2014 to help reduce fraud and tighten financial security. Your BVN is tied to all the bank accounts you own, so it is a very important tool for financial transactions.
But what happens if you suspect that your BVN has been compromised, such as being blacklisted or used for fraud? Can you close it and request for a new one? Let’s jump into the answers without wasting any time.
Can I Block My BVN and Get a New One?
No, you cannot block or deactivate your BVN. Once you have been enrolled for a BVN, it remains associated with you permanently. However, in some situations, you may be able to update or modify your BVN information.
Reasons for Updating or Modifying Your BVN
Change of name: If you changed your name legally, you will need to update your BVN information to reflect your new name.
Correction of errors: If during your enrollment, you made an error with your BVN information, such as a misspelling of your name, change of phone number, or a wrong date of birth, you will need to have it corrected.
Loss of identification documents: If you have lost your identification documents, such as your passport or driver’s license, there may be a need for you to update your BVN information with new documents.
How to Update or Modify Your BVN
Updating or modifying your Bank Verification Number (BVN) most times is usually a straightforward process, and you can complete this at any of your bank branches or other participating financial institutions. Here’s a step-by-step guide to follow:
1. Gather Required Documents:
Before visiting the bank, gather all necessary documents to support your update or modification request. These may include:
- A valid government-issued identification document (passport, driver’s license, national ID card)
- Proof of address (utility bill, bank statement, rental agreement)
- Marriage certificate or birth certificate (if updating due to name change)
- Any other documents relevant to the specific update or modification
2. Visit Your Bank or Participating Financial Institution:
Locate a branch of your bank or other participating financial institution that offers BVN update services. Inform the bank staff of your intention to update or modify your BVN.
3. Complete the BVN Update Form:
You will be provided with a BVN update form to fill out. This form typically includes personal details, contact information, the reason for the update or modification, and supporting document details. Take your time to enter the correct details.
4. Submit the Form and Documents:
Once you’ve completed the form, attach the required supporting documents and submit them to the bank staff. They will review your request and provide further instructions.
5. Biometric Verification:
You may be required to undergo biometric verification, such as fingerprint or facial recognition, to confirm your identity. This is a standard security measure to ensure the BVN update is associated with the correct individual.
6. Processing and Review:
The bank will process your request and review the submitted documents. Once approved, your BVN information will be updated accordingly.
7. Receive Confirmation:
You may receive an SMS notification, an email, or a printed confirmation slip indicating the successful update or modification of your BVN.
Frequently Asked Questions (FAQs)
1. Can I get a new BVN if I think my old one has been compromised?
No, you cannot get a new BVN if you think your old one has been compromised. Instead, you should report the suspected compromise to your bank and the CBN immediately. The CBN will investigate the matter and take appropriate action.
2. What are the consequences of not having a BVN?
Without a BVN, you will not be able to open new bank accounts, access bank loans, or carry out certain financial transactions. Also, any bank account you currently own may be closed.
4. How long does it take to update or modify my BVN?
The time it takes to update or modify your BVN will depend on the bank or financial institution you visit. However, it should generally take no more than a few days.
5. Will I be charged a fee to update or modify my BVN?
Some banks may charge a fee for updating or modifying your BVN. However, many banks do not charge a fee for this service.
6. How can I protect my BVN from fraud?
Never share your BVN with anyone, including bank staff.
Do not respond to unsolicited emails or phone calls requesting your BVN.
Be cautious when using online banking services.
Use strong passwords and change them regularly.
Install antivirus and anti-malware software on your computer.
Remember, your BVN is a valuable piece of information that should be protected. By following these guidelines, you can help keep your BVN safe and prevent fraud.
In summary, your Bank Verification Number (BVN) is a very important aspect of your financial identity in Nigeria. Even though you can’t block or deactivate it and request a new one, you can update or modify it if there’s a valid reason like name changes or correcting errors. Keeping your BVN information accurate is important for various financial activities.
If you suspect a BVN compromise, report it to your bank or the Central Bank of Nigeria promptly, and they will guide you on the necessary steps to take.