In the digital world, everyone has an identity. Conventionally, one’s identity can be said to be his or her name or some other details but for the banking world in this part of the world precisely, the BVN stands in as the person’s identity. BVN stands for Bank Verification Number, though typical Nigerians would still say “BVN number” while referring or discussing anything pertaining to this ID.
Ever since the inception of BVN during the Goodluck Jonathan Administration until it’s full implementation during the current regime, people have always asked one question over and over again which is, Can I get another BVN number from the bank?, Can I change my BVN and get a new one? etc. Some people ask these questions when they have defaulted in repaying a loan and probably getting threats from the loan services that their BVN will be blacklisted and prevented from obtaining further loans from loan services and applications.
But in this article, we are going to be finding out if it’s possible to get a new BVN if for any reason, you feel the current one has been exposed to scam or you believe you have been blacklisted or reported by some loan services for failure to repay a loan. Before we answer this question, it is important to understand the reason why BVN is such an important ID in the banking system and the information organisations get whenever they get hold of your BVN.
Why Is BVN So Important?
The BVN stands for Bank Verification Number as already stated and in this biometric based financial system, these digits stand as everything the customer is. Standing from the name, birth date, age and many other sensitive information submitted to your banking institution is contained in the BVN and as such, anytime you submit those digits to any organisation or give it to a tech geek, you have exposed your important, personal details to such a person.
When there is an issue in your bank account, it can be easily traced and resolved using the BVN. As a matter of fact, some banks no longer ask potential customers to submit so many details but instead submit their BVNs and account will be created. It is on this premise that, most online banks/microfinance banks such as Wema now allow customers to register or create accounts from anywhere without having to come to the banking hall to pick form. Having known the importance of the BVN, let’s find out whether you can actually get a second BVN when the first one gets compromised.
Can I Get Another BVN From the Bank?
The short answer is no, the long answer is yes. Now you may be confused but don’t be, I will explain why I gave the above answer accordingly.
The answer is no because, no bank in Nigeria will agree to give you a second BVN because the banking system is literally centralised and as such, all information in your BVN can be easily accessed by all the banks in Nigeria and the rules guiding the issuing of BVN stands against giving one customer two BVN under any circumstance.
Also Read: Easy Ways to Open A Dollar Account Online In Nigeria Without Visiting Banks
If something happens to your BVN or it gets blacklisted by any of the loan services, the only escape route for you is paying back every dime you collected from the loan service. Although most loan providers both online and offline take this step when they feel you are no longer interested in repaying their loan or when they feel cheated by you. So the only thing you can do is repay the loan and communicate with them to revoke the report against your BVN.
The Only Way to Get A New BVN from The Bank
Now the reason why I said yes is, BVNs expire every ten years. This means that, you get the chance or opportunity to visit the bank and enroll for a new BVN after its expiry. So there is a chance that one can get another BVN but you must wait till the expiration which is in ten years.
Additionally, submitting your BVN in an untrusted website or platform doesn’t mean your money will be easily wiped by them because they’d require additional information to be able to access your money. It only exposes your personal details such as birth date, full name, address and more to them and these information when in the wrong hands can cause problems for you. Protect your BVN and make sure you don’t take loans without having any means to repay.
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