The Central Bank of Nigeria (CBN) in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) introduced the Bank Verification Number (BVN) in 2014.
The BVN was launched to help strengthen the identification of customers, limit access to sensitive information and prevent fraud on user accounts in the Banking system. Years after, BVN is still relevant and vital in the banking and Fintech space.
What is a BVN?
Your BVN is an 11-digit number that is used to verify your identity across Nigerian banks. You cannot operate a Nigerian bank account without it as it is required for many transactions.
How to register for your BVN
Registering for your BVN is straightforward. You can easily walk into a bank to get it done and it typically requires the following steps:
- Visit a bank with your valid ID card
- Request for a BVN enrollment form and fill it with your accurate information
- Provide your biometric information (your photograph and thump print)
- Get your ticket ID and wait for your BVN to be sent to you as a text message after a few days
Why do Cowrywise and other fintech apps require your BVN?
As earlier mentioned, BVNs were introduced by banks to uniquely identify and verify users across the banking industry.
As a savings and investment app that allows users link their banks accounts for seamless and frequent transactions, it is crucial that we put strong systems in place to ensure your funds are safe. Thankfully, your BVN is part of that system.
For example, on Cowrywise, users cannot withdraw to a third party account. You can only withdraw money to a bank account with your verified BVN, this means that no one can withdraw your funds on your behalf.
When it comes to providing your BVN on your Cowrywise account, there is no need to worry about what it is being used for. This is because the safety of your fund is our top priority.
Note: Cowrywise requires your BVN only to access your name and ensure it tallies with the full name you provided on your Cowrywise profile. This means that it is simply for ‘know your customer’ (KYC) purposes as we do not have access to any sensitive information.
Benefits of adding your BVN to your Cowrywise account
- Easily carry out transactions from your bank to your Cowrywise account and vice versa.
- Enjoy automated savings and investments from your linked bank accounts.
- Strengthen your account security and limit unauthorized access.
How not to use a BVN on Cowrywise (and on other apps)
Every BVN is unique to an individual. That’s why you should never use another person’s BVN on your account, even if they’re a relative. Our system will pick it up and you may get flagged and temporarily lose access to your account.
What other ways does Cowrywise secure your account?
Trust is our currency and we are committed to the security of your money and the protection of your account. We do this in a number of ways.
Bank-grade Security
We are PCI-DSS compliant to ensure the security of your data electronically. You may also set up 2FA for key transactions on your account. 2FA serves as an extra layer of protection to ensure the security of your account beyond just a username and password
Regulatory Compliance
Cowrywise is a registered fund manager with the Securities and Exchange Commission (SEC) of Nigeria. All our activities are in full compliance with regulatory requirements to the ultimate protection of our clients.
Assets Custody
Users’ financial assets are held with a licensed custodian, Zenith Nominees Limited. This is for utmost safekeeping and to prevent misappropriation, misuse, theft, and/or loss, and in accordance with applicable law.
Best-In-Class Assets
All the investment options listed on Cowrywise are carefully screened and managed by professional fund managers. All the diverse mutual funds are registered with the SEC, with a standard third-party custodian structure.
In Conclusion:
Cowrywise helps users to set and achieve their financial goals. To save and invest seamlessly, you’ll need to add your BVN to your Cowrywise account as it is a vital requirement to use the app.
Does Cowrywise have 2FA on its app?
Yes Deji. https://cowrywise.com/blog/two-factor-authentication/
This is an amazing article, Cowrysiwe. Kudos to everyone who worked on it.
Really nice article, keep it up Cowrywise and thanks for the awareness.
Thanks for these eyes openers.
Guys you are the best always
But,you should have resolved Funmi’s complain before she made it public.so,was the court order gotten?If it took forever for a funmi to get her funds back, what happens to people without clout?
Let me explain. While Obama was at a rally, someone from the crowd shouted at him about how immigrants were been deported. The issue was that these were illegal immigrants who were working honestly but contributing to America’s workforce, and hence it’s development… But it was tough, they are still illegal immigrants, right? So Obama replied: We [America] are a country of immigrants, yet we are a country of law. How do these two things cohabitate? The answer is: reasonable compromise.
It might be hard to explain to you that it wasn’t the clout that made her get her money, it was months of hard work in tracing the suspected thieves and following the law. The funds were transferred in a normal way any funds will, and the best thing was to work with Funmi to get the money back… By following the law. Unfortunately it took more time than Funmi’s patience, but eventually.
As a Software Engineer myself, one requirement is to always think and be ahead of the intruders… But you’d be surprised that as much as we try to make things for consumers that make their lives easier, there are people somewhere who’s purpose is to destroy that work. It’s tough but possible. We can stop them, or at worse, recover our stolen funds or losses… Even Twitter and other famous website gets gamed or hacked. Is this a justification for Funmi’s case, no. It’s just a point to help you understand, these things are tough. And we all have a role to play.
But we’d hold your hands all through. Trust us.
Impactful and mind opening
Funmi made our cowrywise even stronger?
Thanks for the eye opener. Does cowrywise have 2FA.
Yes we do now, Ifeoma https://cowrywise.com/blog/two-factor-authentication/
Nice one
My account was flagged because of a transaction I made and my 2000 is hanging. How do I get it back????
Thanks for your patience. A flag is initiated when we suspect a transaction, and it is designed to keep you safe. Have you filled out the verification form we sent, please?
My account was flagged I don’t know why and my 90000 is hanging. How do I get it back????
My account is flagged ?and I send a send to be open back I fill the forms and everything? It a week now till eating ,I need the money for business pls u guys should help me ,I can’t even send massage for help ,it only show before massage and she is not reply am getting scared already
This is enlightening. Cowrywise, thanks to your team.
Thanks cowry wise. For a more detailed information on this issue. Thank you.
Insightful and Enlightening. Thanks
Why do I need to my bvn to cowrywise, I don’t feel that is necessary since have already linked my atm card
Why do I need to add my bvn to cowrywise, I don’t feel that is necessary since have already linked my atm card
With your BVN added, we can ensure that withdrawals only go to your bank account.
how do i unflagged my account?
This is a very insightful article. Thanks.
Thank you.
Please I have been asking and begging to unflage my account and no attempt from you please I will still be pleading again unflage my account so I can top up my savings I have sent emails upon emails chart on charts but no attempt to unflage my account was made please unflage my account
un flagg my account why is that flagging thing just common. now i cannot withdraw my saving when i have plannned to use to t
o buy a system
Good insight from Cowrywise team
More win ?
Is it working
Hi ope, I want to withdraw my savings but I am finding it difficult because they keep asking me to put another maturity date which I don’t want to extend that very savings. This is my first time of withdrawal on cowrywise.
This is super enlightening. Thank you Cowrywise ?
I learned a lot from this kudos to the writer