Loan Apps Without BVN In Nigeria

Loan without BVN in Nigeria

I have been getting a lot of these questions from folks on here and on social media “Can I get a loan without a BVN in Nigeria?” “What is the list of loan apps that do not require BVN in Nigeria?” and so on and so forth. Today, we will finally get answers to these lingering queries.

Launched on the 14th of February 2014, the BVN serves as a unique identifier of every bank holder in the country. But what if you don’t have a BVN or have lost the phone number registered with it, and need access to a quick loan to take care of an emergency, are there options for you? Let’s find out!

Are there loan apps that do not require BVN in Nigeria?

After extensive research, we could not find a single loan app that does not require your BVN in order to grant you loans. All loan apps that do not ask for collateral for the loans will require your BVN in order to be able to verify your identity and assess your creditworthiness.

To put it simply, they want the BVN so that with it, they can take a look at your financial records to know if you will be able to pay them back should they choose to give you the loan since there is nothing of yours (collateral) they can “cease” if you don’t pay back.

So if you don’t have a BVN in Nigeria as of now, it is essential that you go to your bank and enroll for it ASAP so as to be able to access loans easily. It’s even more important now than ever as the CBN is planning on closing bank accounts not linked to a BVN. 

List of loan apps that do not require your BVN registered number?

But what if you actually have a BVN but don’t have the phone number linked to it anymore, can you get a loan? Yes, you can! There are several loan apps that do not mandate you to input your registered BVN number when registering on their app. So which are they?

Of the licensed loan apps, some of them include:

  1. Fairmoney
  2. JumiaPay
  3. Branch
  4. Aella
  5. Okash
  6. Renmoney
  7. Umba

What about the unlicensed (loan shark) ones, you ask?

Sorry Ma/Sir, we don’t encourage people patronizing loan sharks as we’ve seen first-hand how cruel their agents can be. From threatening, incessant calls and messages to your line even before your due date, to calling and texting your contacts to defame you, etc., loan sharks should be avoided.

Why do loan apps require your BVN?

Financial institutions and loan apps in Nigeria require the Bank Verification Number (BVN) for several reasons:

  1. Identity Verification: The BVN helps them identify your identity. It links all your bank accounts together which helps to trace your financial activities.
  2. Fraud Prevention: The BVN system was introduced to curb fraudulent activities in the banking sector. By linking all accounts to a single BVN, it becomes easier to detect and prevent identity theft, unauthorized account access, and other forms of financial fraud.
  3. Credit Assessment: Lenders and financial institutions use the BVN as one of the parameters to assess an individual’s creditworthiness. With the BVN, they can view your banking history, including your financial transactions, loans, and repayment patterns. This information helps them decide if you will be eligible for a loan or not.
  4. Regulatory Compliance: The Central Bank of Nigeria (CBN) makes the use of the BVN compulsory as part of its Know Your Customer (KYC) guidelines. Financial institutions are required to comply with these regulations to ensure transparency, security, and accountability within the banking system.

Can loan apps block your BVN?

Loan apps in Nigeria cannot block your BVN. Only the Central Bank of Nigeria (CBN) has the authority to take such actions. However, if you don’t meet the requirements or fail to repay loans obtained through mobile loan providers, they may report your information to the National Credit Bureau. This can affect your credit history and future borrowing opportunities.

Is your BVN safe with loan apps?

The safety of your BVN with loan apps depends on the specific app and its security measures. Reputable loan apps prioritize the protection of user data, including BVN information. They employ various security protocols such as encryption, secure data storage, and compliance with relevant data protection regulations.

So to protect your BVN, only submit it to NITDA-licensed loan platforms.

Final Words

In conclusion, the search for loan apps that do not require a Bank Verification Number (BVN) in Nigeria has yielded no positive results. All loan apps that provide loans without collateral still require your BVN for identity verification and credit assessment purposes.

Obtaining a BVN is essential to access loans easily and comply with regulatory requirements, as the CBN plans to close bank accounts not linked to a BVN.

While some loan apps may not require your registered BVN phone number, you must exercise caution to avoid dealing with unlicensed loan providers or loan sharks due to their questionable practices and potential harm to borrowers.

READ: Where To Beg For Money Online In Nigeria

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top
error: Alert: Content selection is disabled!!