Your BVN is your digital fingerprint for your banking experience. Just like your fingerprint is unique to you alone, your BVN is a set of numbers that tie all your bank accounts to one person, no matter how many bank accounts you open. If you walk into a bank five times, wearing five different outfits, it is your BVN that indicates that you are still the same person. Whether you bank with one institution or ten, your BVN keeps your identity consistent across the board.

At Lenco, we help thousands of businesses manage their businesses smarter, and we know how important it is to understand the basics, starting with your BVN.

What is a BVN?

Bank Verification Number or BVN is an 11 digit number that was introduced by the Central Bank of Nigeria (CBN), and is managed by Nigerian Inter-Bank Settlement System(NIBSS). They are the technical backbone that helps Nigerian financial institutions talk to each other. It’s just like having a national identity card, but for your bank accounts.

Why is it important to have a BVN?

Before the use of BVN, people could open several bank accounts under different names, making it easier to commit fraud, take loans and avoid repayment, or simply hide money. Now, the BVN makes sure your identity is the same across banks and financial institutions, fraud is harder to commit, and financial institutions can verify you faster. It also:

• Allows you bank freely: Every financial institution in Nigeria requires you to have a BVN. Without a BVN, you can not open a bank account in Nigeria.
• Keeps Your Money Safe: It makes it harder for fraudsters to impersonate you, or move money without your permission.
• Connects all your accounts together: If you have accounts with several financial institutions, your BVN links them all to one identity. If something goes wrong with one account, other banks can be alerted.
• Is required for loans and grants: If you’re planning on applying for a loan or a grant, you will be asked for your BVN to verify your records and eligibility.
• Helps the financial sector work better: Your BVN helps the CBN and financial institutions track risks, prevent fraud and build trust in the system.

How to Check Your BVN in Less Than a Minute

If you’re ever in doubt about your BVN, here are three easy ways to find it:

1. Use USSD:
Dial *565*0# from the phone number linked to your BVN.
Disclaimer: your network might charge ₦20 for this.

2. Check Your Mobile Banking App:
Log in to your bank’s app → Go to account settings or profile → Your BVN should be there.

3. Walk Into Your Bank:
Bring a valid ID, and a staff member can help you retrieve it.

At Lenco, we also give you an easy way to input or update your BVN during onboarding.

Signs Something Might Be Wrong With Your BVN

If you’re seeing errors like:
❌ BVN not verified
❌ BVN already linked
❌ Account blocked due to verification issues
Then your BVN might need attention.

You might also notice:

• Mismatch with your ID details
• Two BVNs tied to your name (which shouldn’t happen)
• You’re blocked from sending/receiving money

What To Do If There’s a Problem With Your BVN

Don’t panic. Here’s what to do:

1. Visit your bank and request a BVN status check
2. Ask to update or correct your details (bring valid ID)
3. If you suspect fraud, escalate to your bank and NIBSS immediately

At Lenco, our support team can guide you through the BVN update process to make sure your business doesn’t miss a beat.

How to Update or Correct Your BVN Information

To update or correct your BVN information, you must visit your bank’s branch.

Why BVN Matters More for Business Owners

As a business owner, your BVN is tied to more than just a bank account, it’s tied to:

• Loan eligibility
• Regulatory compliance
• Customer trust
• Vendor transactions
• Grant applications and tax filings

At Lenco, we make sure your BVN is not just verified but also used to unlock tools that help your business grow faster and smarter.

Can Foreigners Have BVN?

Yes! Foreigners with Nigerian residency, or those opening a corporate/business bank account, can get a BVN. Enrollment centers are available both in Nigeria and abroad.

So whether you’re a Nigerian citizen or a foreign investor setting up shop here, your BVN is your first step toward a seamless financial experience

Final Thoughts

Whether you’re just starting your entrepreneurial journey or scaling fast, getting your BVN right is key to staying compliant, avoiding fraud, and accessing the tools your business needs.

At Lenco, we don’t just ask for your BVN, we help you make the most of it.