In Nigeria, having a Bank Verification Number (BVN) and National Identification Number (NIN) is crucial for opening a bank account. These unique identification numbers play a vital role in ensuring security and regulatory compliance within the financial system.

What is BVN and NIN?

• Bank Verification Number (BVN) 

Introduced in 2014, BVN is a unique eleven-digit number used to uniquely verify the identity of every bank customer for 'know your customer' (KYC) purposes. The BVN ensures greater security on access to sensitive and personal information in the banking system. It helps prevent identity theft and fraudulent transactions.

• National Identification Number (NIN) 

NIN is a unique number issued by the National Identity Management Commission (NIMC). According to NIMC, your NIN is used to link together all of the information about you that is stored in the National Identity Database, including your signatures, fingerprints, photographs, and other biometrics. This makes it relatively easy to verify your identity when you travel or make transactions.

Why do I need to link my BVN to my account? 

• Regulatory Compliance 

Linking your BVN to your account is a mandatory requirement by the Central Bank of Nigeria (CBN) to improve transparency within the financial system.

• Fraud Prevention 

BVN helps banks identify and monitor fraudulent activities across the banking system. It protects both the banks and their customers.

• Access to Financial Services

Having a BVN is needed to access a wide range of financial services in Nigeria. You need a BVN to open and operate your bank accounts, apply for loans, and access other financial products like savings accounts, fixed deposits, and online banking services. Without a BVN, you may be restricted from using many of these key banking services.

How Do I Check My BVN/NIN?

You can check your BVN by dialing *565*0# on your phone. However, this will only work if you are using the phone number registered to your BVN. If you don’t have access to the phone number anymore, you can also check it on the Nigeria Inter-Bank Settlement System (NIBSS) website. 

To check your NIN, follow these steps; 

Step 1: Dial *346# USSD code on your phone.

Step 2: If it is the number you registered with, choose option 1.

Step 3: Follow the instructions as displayed on your phone

OR

Simply download the National Identity Management Commission (NIMC) mobile app and follow the instructions on the app to retrieve and download your NIN.

When linking your bank account to your BVN/NIN, ensure you have access to the phone number registered to your BVN/NIN. If you do, you'll receive verification codes during the linking process. If you do not have access to the registered phone number, follow the steps above or contact customer support for help. Also, the names on your BVN and NIN should match the names on your bank account.

How to link your BVN and NIN on Bankly

Step 1: Log in to your Bankly app

Step 2: Navigate to “more”

Step 3: Tap profile and upgrade your account

Step 4: Enter your BVN and/or NIN as required.

Step 5: Submit and it will be verified as soon as possible

Disclaimer: The specific steps might differ slightly depending on your bank. We recommend that you refer to your bank's website or mobile app for the most current instructions.

Linking your BVN and NIN to your bank account guarantees continuous access to your bank's services. You can easily complete this process online to prevent your account from being deactivated. Download the Bankly app here.