HOPE YOULL FIND THIS USEFUL Q1: What does BVN mean? A: BVN means Bank Verification Number Q2: What is the goal of the Bank Verification Number? A: The goal of the Bank Verification Number (BVN) is to uniquely verify the identity of each bank’s customer for ‘know your customer’ (KYC) purposes. A: Enrolment is the process of capturing a customer’s details which Q 4: How does a customer get a BVN? A: A customer enrolls at any branch of a bank where he/she has an account or intends to open an account. Q 5: Must every customer have a BVN? Is it compulsory? A: Yes, it is. Q 6: How long does it take to get a BVN? A: It takes up to 24hrs after enrolment to get a BVN. Q 7: What is the benefit of enrolling for a BVN? A: The BVN helps to reduce fraud, increase the efficiency of banking operations and also enable customer access to future credit facilities. Q 8: How is the BVN communicated to the customer? A: Once the BVN is generated, the bank would inform you of your BVN. All customers would receive SMS alerts. Q 26: Would a customer have to go to all banks where he/she has an account to enroll? A: No, once a customer is enrolled at one bank and a BVN is generated, the customer only has to take the BVN to other banks to link such accounts. Q 27: Are customers’ information secure? A: Yes they are, the details are encrypted and stored in a secure database. Q 28: Is it possible to start an enrolment and finish later? Can it be saved like a draft? A: No, because the enrolment is done in real time, it is necessary that it is completed in one session. Q 29: What happens if a customer comes to enroll with bandaged/injured fingers? A: Customers with injuries or bandaged fingers are advised to return for enrolment once fingers are healed. However if you require special exemption please contact us. Q 30: Can a customer choose which of his/her accounts will be linked to the BVN? A: No, a customer cannot. All accounts would be linked. Q 31: During facial capture can a customer leave his/her glasses on? A: No a customer cannot leave his/her glasses on during facial capture. Q 32: What is the basic identification needed for enrolment? A: It depends on the level of account the customer wants to open. Please contact your bank. Q 33: For joint accounts how does the linking work? A: All signatories of the accounts shall be linked. Q 34: After a customer has enrolled and collected his/her BVN, would the customer still be required to provide another means of identification at the point of transaction? A: No. A formal identification is not needed because verification is done at the point of transaction. Q 35: Since I am a Bank customer and the Bank already has my information, do I have to fill an enrolment form? A: Yes, everybody fills a BVN form irrespective of any existing accounts. Q 36: Is there a deadline for every bank customer to be enrolled? A: Yes, the CBN has set 30 June, 2015 as the deadline.
Posted on: Thu, 11 Dec 2014 19:24:01 +0000
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