In February 2014, the Federal Government, in conjunction with the CBN, passed a directive requiring all persons to register their identities using biometric technology. The end result was the Bank Verification Number (BVN) – an 11 digit number which acts as a universal ID for each indivwidual, and is verifiable across the Nigerian banking industry.
This registration required people to provide their personal details and biometrics in order to be assigned their unique BVN to carry out bank transactions.
The introduction of the BVN has made it easier for banks and the government to tackle fraud and identity theft, ensuring better financial security for all individuals.
Last week, we shared some tips on how you can protect yourself from fraudsters. If you missed it, you can read it here. One of the points we raised was to ensure that your BVN is kept safe at all times and you do not reveal it to anyone. As this number is your financial ID card, anyone that has access to it could get all your financial information and use it for fraudulent purposes. Read our blog post here for more information.
We are aware that fraudsters can still find ways to access the BVNs of unsuspecting individuals and sometimes people unwittingly reveal confidential information. This is why we have created a way to ensure that you are protected on the FairMoney app, even if your BVN has been compromised.
One aspect of this update is the BVN Verification process. During the loan application, before you are presented with a loan offer, you will be asked to input an account number, the name of your bank and your BVN, as shown in the image below:
When you have provided the required information, you will be redirected to the page below. A One-Time-Password (OTP) will be sent to the phone number registered to your BVN.
Unfortunately, some customers may have lost access to the phone number registered to their BVN and will not receive the OTP.
To overcome this hurdle, all you need to do is:
- Visit your bank (where you registered your BVN) and make a request to update your phone number.
- You will be required to complete a form to request the update. This may take a few days to be actioned.
- Once updated visit the FairMoney app to reapply for a loan and the OTP will be sent to the correct number.
If you still experience issues with this you can contact us by calling our Customer Service Hotline on 01 631 6097 (9am-5pm, Mon-Fri) or by sending an email to firstname.lastname@example.org. We are available to assist you!
Look out for our blog next week to find out more about how this new BVN update on the FairMoney app works.