Recently we updated the loan application process on the FairMoney app with a BVN Verification feature, which requires users to input a One-Time-Password (OTP) sent to their phone. While this has enhanced security on the app, we want you to be abreast of how this works.
Find out how to resolve OTP issues here.
Before this update, it was possible to provide any bank account number when applying for a FairMoney loan. This was one way we could provide a flexible loan application process. However, to protect our customers, it was necessary to review this process.
What do you need to know?
With the BVN Verification update, we can protect users from fraud by ensuring:
- Loan applications are safe and secure
- Funds are only disbursed into the customer’s bank account
With the update, customers who do not input the account number linked to the registered BVN may receive these notifications from us during their loan application process:
“You cannot use this BVN”: Fix this by inputting the account number that is linked to your BVN. This is how we verify that the applicant is genuine and owns the registered information.
“This BVN is already linked to another account”:
This user may have multiple accounts linked to the BVN registered on the app and have used a different one previously to apply for a loan.
Keep your personal information safe.
To prevent unwanted access to your FairMoney account it’s important to keep the following information confidential:
- Your BVN (Bank Verification Number)
- Your bank details (Account number & name)
- Your FairMoney password
- The OTP Code sent to you via SMS
If you encounter any problem with your loan application or want to make further enquiries; our customer service hotlines are available from 1st February: 8am-9pm Monday-Sunday [01-631-6097, 01-700-1276]
You can also send us an email via firstname.lastname@example.org