Do you want to know if your bvn is blacklisted in nigeria then you are on the right web page with all necessary information .
Learn whether your BVN is blacklisted in Nigeria or identified by a credit agency so you can get loans fast that are quick and easy to approve when you require cash urgently for personal or business needs.
The introduction of BVN to Nigeria was regarded as a major breakthrough because it was introduced to combat numerous problems, from corruption to fraud and the most recent one, the debt defaulting. The BVNwas approved for use in The Central Bank of Nigeria, which is the regulator within the banking industry. At present the BVN is being used by the majority of bank customers, and is demanded when a Nigerian plans to establish accounts with banks.
The full meaning of BVN refers to a Bank Verification number. It’s a set of numbers that serves as a unique identification for a customer which connects all of the bank accounts they have. It was created for many reasons. It was proposed in the Central Bank of Nigeria together with the Bankers Committee in 2014.
When it was first launch, the majority of bank customers were not acquaint about it. In fact, a significant number of them didn’t register for it until nearing the date of expiry. The government was extremely strict about it and the BVN policy and strictly enforced it. So a Federal High Court obliged to the request of the Federal Government to shut all bank accounts that did not have BVN.
It can be difficult to find your BVN banned in Nigeria because you will not be able to conduct full bank transactions. In this article we’ll look at how to tell whether your BVN is blocked in Nigeria and the best way to handle the situation.
Table of Contents
The Use and Effectiveness of the BVN in Nigeria
It is BVN is, obviously an electronic system in which Nigerians could register their personal details and a number of numbers will be provided to them. Each Nigerian has the right to a single set numbers, regardless of the number of banks they own. It is only possible to register for the BVN only once.
To register the BVN the essential details include your name, birthplace and date of birth as well as passport photos as well as your address as well as other data. If your personal information is recorded and you are unable to open a brand new or a different BVN or change your personal information, you’ll need an affidavit of the law court. So, when you sign up make sure you fill in the correct information.
The concept of the BVN was born from the necessity of tackling various levels of fraud and illegality occurring within the Nigerian banking system. It was created to tackle cybercrime and bank fraud; it has not done much in this area, however. There is the notion that this BVN could be extremely efficient over time. There are instances where the BVN can be effective.
For instance For instance, the BVN system that is a central national system is able to detect fake BVN account, or the information of someone who’s had an account prior to. The law also says that anyone who is found to have opened a false or duplicate BVN is subject to serious legal action.
In the following portions of this article We’ll be answering your questions regarding BVN and any issues you may be facing in connection with BVN.
How to Check my BVN Online?
You can verify your BVN online or via any mobile device by calling *565*0#. It is important to remember that, prior to doing this, the telephone number or phone you use to check the BVN must be the same one you used to open the BVN or is linked to the main account that you used to open the BVN.
If it’s the phone number you used when opening your BVN or your primary bank account, then verify it. You can look up the BVN with various networks like MTN, 9Mobile, GLO and Airtel. The network providers will cost you 20 naira per the service provided.
There are other methods you can verify the BVN. Some banks provide ways to check BVN however, when you check the BVN you will also get other information you’ve shared with the bank. If you are using GT Bank, you can verify your account balance the account’s name, as well as the BVN by dialing *737*6*1#. You will receive a message with these information immediately when you call.
Can my BVN be Blacklisted?
Due to the challenges which led to the creation of the BVN which aims to tackle all kinds of fraud in the banking It is imperative to know that there is a chance of your BVN being blocked. In the event that the bank detects any oddity or incident involving illegality or fraud that is linked the account there’s the possibility that your bank account will be removed from the blacklist. It is therefore essential that to stay clear of all types of fraud and illegal activity connected directly to the BVN.
In what circumstances will your BVN be banned?
There are a variety of situations which could lead to being blacklisted from your BVN. The causes can be linked to criminal activities, fraud or even a breach of your financial obligations and obligations. Your BVN is not at threat of being blacklisted if there isn’t any fraud or default on loan repayment.
The scenarios in which your BVN could be blacklisted are:
- Use your bank account to commit cybercrime or fraud If your bank informs you and confirms that your account was used to commit fraud or cybercrime, they’ll initiate an investigation into your account. After the investigation, when it is established that your account was used for cybercrime or fraud the account’s BVN will be removed from the blacklist.
- Affected by Corruption or Financial Scandal If you are involved in a financial scandal or corruption, your BVN may also be blacklisted when you’re suspected of being involved in a corruption investigation or financial scandal.
- Loan default and being Guarantor to a loan defaulter Then your BVN is also able to be blacklisted if you fail to pay or fail to complete repaying your loan in accordance with the latest directives released by the CBN. As an guarantor for the defaulter of a loan can result in your bank and CBN to blacklist you and your BVN.
- Issue Dud Cheque Dud Cheque issue is not just liable to be prosecuted and end in jail and jail, but banks can be able to remove you from your BVN immediately. The issue of dud checks can be a major crime in the world of finance.
What happens when your BVN is blocked or blacklisted?
If your BVN is blocked or blacklisted in Nigeria You have lost your financial identity. BVN is a crucial part of the Nigerian banking and financial sector is crucial, and can be more popular as a name than you. In reality, through your BVN the government as well as the bank can have access to your name, address as well as your bank accounts and any other information regarding you.
When your BVN is listed as blacklisted, this could mean that you are unable to conduct all financial transactions in the bank. This is due to the fact that in this day and age the bank account you have can’t operate without a functioning BVN. In the event of fraud, illegality or defaults linked to your BVN and your BVN could be blocked depending on the severity of the crime. In the event of a defaulted loan your credit score could be poor and it will be difficult to obtain an loan.
But the main issue is that you will not be able to perform the full financial responsibility in the event that your BVN is blocked.
How can I determine whether my BVN is on the blacklist?
Do you want to know if BVN is on the blacklist? You are able to request a credit report from credit reporting companies and other organizations in Nigeria in the event that you believe you’re blacklisted because of loans defaults. It is possible to be blacklisted without being aware of it, especially if are a defaulter on loans.
For those with BVN is blacklisted because of loans that have been defaulted, or for serial debtors, there’s a database available for these people. This is the database that credit companies use when they wish to provide loans to individuals. One of the factors that determines whether a person or business is eligible for loan approval is his or her credit score.
What is the credit score? A credit score measures the amount of debt-freeness a person or a company is and also how quickly the person or company can pay back loans. If the person’s BVN is blacklisted because of the default of a loan or debt is a problem, then the person is not loan-worthy or doesn’t have an excellent credit score.
In addition, you could verify whether your BVN is blacklisted by dialing the USSD code *565*8# to your phone to receive instant credit Reports by CRC Credit Bureau instead of visiting a physical location to verify. However, it’s better to go through the process for the source of the problem could be.
Can a Loan App Blacklist my BVN?
The majority of credit companies or loan-giving institutions could help in blocking your BVN. This is due to the fact that the CBN granted all financial, credit and loan-giving businesses the authority to handle instances of loan defaulters or regular debtors. These institutions, ranging from banks to loan applications, are able to take on instances of customers refusing to pay back their debts or adhere to a repayment plan for loans that they have collected.
Loan applications are able to take on situations of defaulters on loans by notifying the credit bureau. They will at the same time, study the matter to determine whether it is real or not. If, following the examination, it’s found to be the case, the credit bureau will take over the matter by uploading or registering the defaulter into their database.
If your information, particularly your BVN is enrolled or listed within the database most credit-granting institutions will deny your request for the loan. The loan application, after looking through the database, could refuse your request for the loan. Therefore, it is essential that to maintain a high credit score and repay your loans.
How do you get off a Bank or Loan Blacklist?
You can remove yourself from the bank or loan BVN blacklist or remove your BVN by first , finding out the source of the problem from. You must determine whether it is connected with fraud or simply an issue with you not being able to pay on the payment of an loan. Once you know the source of the problem from, you can take action to resolve it.
For this article we presume that the BVN blacklist problem resulted from loan defaults. We will walk your through steps to address the issue.
Pay off your debt The first thing to should do to resolve the issue of BVN blacklisting due to loans that are in default. Try to get rid of your debt or loan. If it is recognized by the creditor institution that they will be aware that you’re determined to get your name removed from the blacklist database.
If you’re not able to be buoyant enough to repay the loan or debt at in one go, you could contact the credit-granting institution to decide on an option for repayment. If you decide to go with the repayment plan it is important to make sure you don’t try to fall short. Be sure to pay on time and adhere to the plan until you’re done.
Requesting a Clearance Certificate If you’re finished repaying the loan you can request the bank to issue a clearance certificate or proof that you’ve made the repayment. This proof and/or certificate, you can go for the Credit Bureau for the removal of your information and name out of the blacklist database.
Contact with the Credit Bureau: This is the last step you must take. You visit the credit bureau with evidence that proves that you’ve made your payment and want your name to be removed from the list of names that are blacklisted. When meeting with credit bureaus they require your information such as your full name, telephone number and Bank verification Number (BVN) and gender. You also need to provide the proof of payment, and the clearing certificate. After you have submitted, not forget that it takes several days to be able to process until your name is cleared.