On this very short and precise article, I will be sharing with you guys the topic \”How to Start a BVN Business In Nigeria\”
In exercise of the powers on the central bank of Nigeria (CBV), by sections 2 (d) and 27 (2), of the CBN Act, 2007, to promote and facilitate the development of efficient and effective payments system for the settlement of transactions, including development of the electronic payment system, the Central Bank of Nigeria hereby issues the Regulatory Framework for the Banking Verification Number (BVN) operations and watch-list for the Nigerian Banking Industry.
The Central Bank of Nigeria, in collaboration with the banking committee, proactively embarked upon the development of a centralized Bank Verification system and launched the Bank Verification Number ( BVN), in February 2014.
This is actually part of the overall strategy of ensuring effectiveness of the know your customer (KYC) principles, and the promotion of a safe, reliable and efficient payments system. This BVN gives a unique identity across the banking industry to teach customer of Nigeria banks.
This Framework also defines the establishment and operations of a watch-list for the Nigerian Banking Industry, to address the increasing incidences, of fraud, with a view to endangering public confidence in the Industry.
Additionally, the Framework without prejudice to existing laws, is a guide for the operations of the watch-list in the financial system.
The watch-list is a database of a bank customers identified by their BVNs, who have been involved in confirmed fraudulent activities.
The objectives of the Regulatory Framework for BVN and watch-list Operations in Nigeria are as follows;
- To clearly defines the roles and responsibilities of stakeholders.
- To clearly defines the operations of the Bank Verification Number ( BVN) in Nigeria.
- To define access, usage and management and conditions.
- To provide a database of watch-listed individuals.
- To outline the process and operations of the watch-list.
- To deter fraud incidences in the Nigerian Banking industry.
What is BVN (Bank Verification Number)?
The BVN or Bank Verification Number is an 11-digit number and is unique to each individual, but the same across all bank institutions for the same individual.
How Does BVN (Bank Verification Number) Work?
To own and operate a banking account in Nigeria you must first have a bank verification number.
Once you open your first bank account, a BVN is issued to you. This BVN will remain the same and will be used when next you need to open a bank account in Nigeria. Thanks to technology.
How To Start a BVN Business In Nigeria
Do you know that you can make a living from helping new banking customers to set up accounts in their respective bank?
Do you know that aside from having your own BVN, you can equally make lots of money from others by helping them?
As you proceed, we\’d be teaching you on how to get a license to start the Business.
Requirements For Starting a BVN Business In Nigeria
Below is a list of requirements for starting a BVN business in Nigeria;
- You must able to read and write fluently.
- You must have a functioning android mobile phone or computer system.
- You must have an existing business outlet or trade association.
- You might be asked to pay a start- up capital.
Steps On How to start a BVN Business In Nigeria
Below are the steps you should follow if you want to start a BVN Business In Nigeria;
- The first thing to do is visit any bank you desire (the Bank you wish to become their agent)
- When you get to the bank, reach out to the customer service section of the bank
- Let the banking attendant know that you wish to become an agent with the bank
- Fill and complete form given to you
- Provide the required documents mentioned earlier for verification
- Submit the application form
- You will be notified once your request has been processed.
What Is The Duty Of The Banking Agent?
Banking agents help financial institutions to divert existing customers from crowded branches providing helps to the bank to reach out to areas and regions which there are little or no banking operations available.
Roles Of Banking Agent
- Payment of bills, ie utilities, subscriptions, taxes, etc.
- Account opening
- BVN registration
- Cheque book request and collection of bank mail.
With these hope you have being able to find out how to start a BVN business in Nigeria? Or what do you think? Kindly drop us a comment.