How to know if your BVN is Blacklisted in Nigeria
See how to know if your BVN is Blacklisted in Nigeria or flagged by a credit bureau so you can access fast loans with easy and instant approval whenever you need urgent cash for personal or business use.
The introduction of the BVN in Nigeria was considered a masterstroke, being that it was introduced to tackle a lot of issues, ranging from corruption to fraud, and to the latest, debt defaulting. BVN was enforced for use by the Central Bank of Nigeria, which is the regulatory agency in the banking industry. At the moment, the BVN is used by a majority of bank users, and it is requested whenever any Nigerian intends to open a bank account.
The BVN’s full meaning is Bank Verification Number. It is a set of numbers, which serves as a customer’s identity that connects to all his or her bank accounts. It was introduced for a good number of reasons. It was introduced by the Central Bank of Nigeria together with the Bankers Committee in 2014.
At the point of its introduction, most bank customers were not familiar with it, and a good majority failed to register for it until it was very close to the deadline. The government was strict about the BVN policy and enforced it strictly. Thus, a Federal High Court obliged to Federal Government’s request to block off all bank accounts without BVN.
Thus, it can be frustrating to have your BVN blacklisted in Nigeria as you won’t be able to carry out full bank activities. In this post, we’ll be looking at how to know if your BVN is blacklisted in Nigeria, and how to deal with it.
Table of Contents
The Use and Effectiveness of the BVN in Nigeria
The BVN is, of course, a numerical system, where Nigerians would register their details and a set of numbers would be given to them. Every Nigerian is entitled to a single set of numbers regardless of how many banks accounts the person owns. You can only register for the BVN once.
For the registration of the BVN, your vital details are needed like your name, origin, date of birth, passport photograph, address, and other details. If your details are captured, you cannot open a new or another BVN, and to change your details you would need an affidavit from the law court. Therefore, when registering, you should ensure you give in the correct details.
Originally, the idea of the BVN was born out of the need to tackle several levels of illegality and fraud going on in Nigeria’s banking system. It was introduced to fight bank fraud and cybercrime; it has done very little in this regard, though. However, there is still the belief that this BVN would be very much effective with time. There are some cases where the BVN is effective.
For instance, the BVN system which is a national central system has the ability to recognize a fake BVN account or the details of someone who has opened an account before. The law also stipulates that anyone found opening double or fake BVN is liable to serious prosecution.
In the coming parts of the post, we’ll be answering questions relating to BVN and issues you might have with BVN.
How to Check my BVN Online?
You can check the BVN online or on your mobile phone by dialing *565*0#. You have to note that before you do this, the phone number or the phone you are using to check the BVN should be the one you used in opening the BVN or it is connected to the main account you utilized in opening the BVN.
If it is the phone number you used in opening the BVN or your main bank account, then you can check it. You can check the BVN using various network providers like MTN, 9Mobile, GLO, and Airtel. The network providers would charge you 20 naira for the service delivered.
There are also other ways you can check the BVN. For instance, some banks have ways to check BVN, but in checking the BVN, you also receive other details you have with that bank. For those using GT Bank, you can check your account balance, account name, and BVN, when you dial *737*6*1#. You receive a message bearing these details right away on your phone.
Can my BVN be Blacklisted?
Due to the issues that led to the introduction of the BVN like tackling all types of illegality in the bank, you should note that there is the possibility of your BVN getting blacklisted. For instance, if the bank notices any verifiable strange happening or any verifiable happening relating to illegality and fraud linked to your account, there is a high possibility your bank account would be blacklisted. Therefore, it is important you avoid all forms of illegality or fraud linked to your BVN.
In what Cases can your BVN be Blacklisted?
There are several cases that can lead to the blacklisting of your BVN. These cases can be related to fraud, illegal activities, or default on your financial duties and obligations. Your BVN is at no risk of being blacklisted if you aren’t involved in fraud or any form of loan repayment failure.
The cases where your BVN can be blacklisted include:
- Using your bank account for fraud or cybercrime: If your bank notices and verifies that your bank account was used for fraudulent activities or cybercrime, they would kick-start an investigation of your account. At the end of the investigation, and if it is proven that your bank account was used for fraud or cybercrime, your BVN will be blacklisted.
- Involved in Corruption or a Financial Scandal: Your BVN can also be blacklisted if you are found to be involved in a corruption case and financial scandal.
- Loan Default and Standing in as a Guarantor to a Loan Defaulter: Your BVN can equally be blacklisted if you default or fail totally in loan repayment as one of the newly introduced directives by CBN. Standing in as a guarantor to a loan defaulter can equally make your bank and the CBN blacklist your BVN.
- Issuing Dud Cheque: A dud cheque issue is not only liable to being prosecuted and ending in jail, but the bank can also equally blacklist your BVN immediately. Dud cheque issuing is a huge crime in the financial sector.
What happens if your BVN is Blacklisted or Blocked?
When your BVN is blacklisted or blocked in Nigeria, you have lost your utmost financial identity. BVN in the Nigerian financial and banking sector is very important, and it is sometimes more recognized than your name. In fact, with your BVN, the government and the bank have access to your name, your address, your bank accounts, and every other important detail about you.
If your BVN is blacklisted it means you might be unable to carry out full financial activities in the bank. This is because, in the present era, your bank account cannot be fully operational without a functional BVN. Depending on the level of fraud, illegality, or defaulting linked to your BVN, your BVN might be blacklisted according to the level of the offense. For loan defaulting, your credit score would be bad, and it would be hard to secure a loan.
However, the focal point is that you won’t be able to carry out full financial duties when your BVN is blacklisted.
How do I find out if my BVN is Blacklisted?
Want to know if your BVN is blacklisted? You can request a credit report from credit reporting firms and organizations in Nigeria in case you feel you are blacklisted due to loan defaults. You can be blacklisted without you having knowledge of it, especially if you are a loan defaulter.
For those whose BVN is blacklisted due to loan defaults, or serial debtors, there is a database for them. Thus, it is this database that credit firms refer to when they want to offer loans to people. One of the criteria which proves that a person or an organization is suitable for a loan is his, her, or their credit score.
What is a credit score? A credit score is how debt-free a man or an organization is, and how fast the person or organization can repay a loan. If a person’s BVN is blacklisted due to loan defaulting or debt, then he or she isn’t loan worthy or does not have a good credit score.
Furthermore, you can also check if your BVN has been blacklisted when you dial the USSD code *565*8# on your mobile phone to get instant Credit reports from CRC Credit Bureau instead of going physically to check. Nevertheless, it is better if you go and check to discover where the problem might lie.
Can a Loan App Blacklist my BVN?
Most credit firms or loan-giving institutions can contribute to the blacklisting of your BVN. This is possible because the CBN gave all the financial, credit, and loan-giving firms, the power to take up cases of loan defaulters or serial debtors. These institutions, from banks to loan apps, can take up cases of clients refusing to pay their debt or follow a repayment plan for loans collected.
Loan apps can take up cases of loan defaulters by reporting them to the credit bureau. The credit bureau will, in turn, investigate the case to ascertain if it is true or not. If after the investigation, it is discovered to be true, then the credit bureau takes up the case by uploading or enrolling the defaulter in their database.
If your details, especially your BVN, are enrolled or put up in the database, most credit-giving institutions would deny your application for a loan. A loan app, on checking the database, can deny your request for a loan. Thus, it is pertinent you keep a good credit score and pay up your loans.
How do you get off a Bank or Loan Blacklist?
You can get off a bank or loan BVN blacklist or unblock your BVN by, first of all, discovering where the issue is coming from. You have to know if it has to do with fraud or just an issue of you defaulting in the repayment of a loan. When you discover where the issue is coming from, then you can now tackle the issue and solve it.
However, for this post, we assume that your BVN blacklist issue is due to loan defaulting. We would be taking you through the steps of how to deal with it.
Pay your Debt: This is the first step or thing you do if you want to solve the issue of BVN blacklist due to loan defaulting. You should try and pay off your debt or the loan. It is when this is seen that the credit giving institution would know you are serious about getting your name off the blacklist database.
If you are not buoyant enough to pay off the debt or loan once, you can equally meet the credit giving institution to choose a repayment plan. When you choose a repayment plan, you should endeavor not to fail. Pay at the right time and stick to it until you are done.
Obtaining Clearance Certificate: When you are done repaying the loan, you can ask the institution for a clearance certificate or an evidence that you have completed the payment. It is with this evidence or certificate that you go to the Credit Bureau for the removal of your name and details from the blacklist database.
Meeting with the Credit Bureau: This is the final step you take. You meet the credit bureau with the proof that you have completed your payment and you want your name removed fro the blacklisted names. In meeting credit bureau, you submit your details like the full name, phone number, bank verification number (BVN), gender, evidence of payment and clearance certificate. After submitting, you should note that it takes a while to effect before your name is cleared.
Having read this guide on how to know if your BVN is blacklisted in Nigeria, you should have gotten how to know if the 10-digit number assigned to you is blocked or restricted by the credit bureau.
Just like I shared earlier, your BVN can be flagged by credit firms for a couple of reasons; however, one of the main points is you defaulting on loan repayment. If the crediting platform you owe money presents your matter to the credit bureau, and if it is investigated and confirmed that you defaulted, your BVN would be blacklisted.
Thus, you can check if your BVN is blacklisted by confirming it with the credit bureau database or you dial the necessary code on your phone.