money bag picWhat is BVN? BVN means Bank Verification Number. It is a number that hold reference to your biometric details like passport, fingerprints, name and other details during registration for BVN. The BVN number is then attached to every of your bank account.


Now, the question is Can your BVN number be used to transfer money from your bank account? BVN number cannot be used to transfer money from your bank account. It is a rumour that once you give out your bvn number to wrong people, they automatically have access to your account and can steal money from your bank account. This is not true.

Note that BVN number is different from the pin you set for your ATM card.

Some folks are scared of dropping their BVN on the Npower website for example, because it ask for BVN, there is no reason for alarm.

It has also come to my notice(post edited on 22 september, 2017), that some banks ask you to complete some financial transactions like sending money, receiving money, pay bills, buy airtime etc with the last 3 or 4 digit of your BVN, but the interesting thing is that, there are other things you will also be asked before the transactions could be successfully done like the phone number you attached to your bank, your atm pin, the cvv of the atm, the long digits printed on the ATM and so on. So, in summary, you are safe about your BVN. It cannot be single-handedly used to steal your money or transfer out your money. Be calm!!!!

 

If you have any other questions as regards BVN, you can ask questions in the comment section or email to @NaijaTech

 

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