Can Someone Use My BVN to Withdraw My Money

Can Someone Use My BVN to Withdraw My Money

Can someone use my BVN to withdraw my money?
If this question had ever crossed your mind when asked to provide your bank verification number (BVN), then you are not alone.
Considering the trust level and issue of internet fraud, it is crucial to be cautious when revealing any of your financial details to anyone.
But is revealing your BVN risky? Can someone use BVN to withdraw money? Let’s find out.
To help us understand this, let’s briefly look at the BVN generally.

What’s BVN?

The bank verification number (BVN) was introduced in 2013 by the central bank of Nigeria.
It is linked to all the bank accounts of any individual in Nigeria.
The number holds a reference to your transaction history, personal details like names, passport photographs, fingerprints, and other information used at the point of enrolment.

How to Check Bank verification number

You can check your BVN on the phone or online. To check BVN on phone, you simply dial the BVN code *565*0# on the phone number registered to any of your functional accounts.
You will be charged 20 Naira of airtime for every check.
You can also check BVN online on your bank’s internet banking platform.

A Friends’ Experience

A friend called me on a faithful afternoon, sounding annoyed. When I asked what happened, she said the HR of the firm that wants to recruit her is asking for her bank verification number.
I smiled and asked her what she did; she said she told them she wouldn’t do that and she was planning to go home.
As of then, I hadn’t encountered anyone who asked for my BVN except my bank, so I decided to do a little research.

This is what I found; “A Press Release by the CBN in 2015” that reads thus;

“The BVN is neither a payment instrument nor an account number and therefore could not be used to access any account by unauthorized users.
The banks, BDC operators, and even regulators use the BVN to validate the identity of a customer using some biometric information such as fingerprints and photographs obtained at the point of enrolment.”
“The BVN provides the unique identity of each customer to achieve effective “Know Your Customer” (KYC) principle and fraud prevention.
Customers can quickly get their BVN from the mobile phone number submitted during the enrolment by dialing *565*0#. Please be appropriately guided.”


The statement was meant to clarify the need for individuals to provide their BVN to BDC operators.
But it does highlight the fact that the BVN can’t be used to withdraw money from a person’s account.

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I have received several messages from our followers about this, especially as it regards applying for loans with mobile apps and registering on savings and Investment mobile apps.

We have also had people refusing to input their BVN on the Npower website and other platforms for fear that they can hack their accounts and steal their money with the BVN.

When we investigated why most platforms, lenders, and sometimes employees request BVN,
We found out that as stated by the CBN, the BVN is only used to verify the identity of the person.
For instance, a lending app may request for your BVN to access information like your name, fingerprint, transaction history, and photographs used during your enrolment.
This saves the time of asking you to pass through another round of verification.
Our sources in a commercial bank have also confirmed that they’ve never had an incident where anyone’s money was stolen from their account with the Bank verification number.

So, in summary, your bank verification number can only disclose your identity, but can’t be used alone to steal your money.
You should feel free to give it out when requested for anything important like registering on the Npower website or accessing any financial service.
Check your BVN with code or login to your bank portal to check online.

However, you should be cautious of text messages purportedly from your bank asking for you to enter a code or call a number to update something.
Anytime you receive any text message, phone call, or email from your bank, make out time and go to your bank to find out from them in person.

As for my friend, she got a job. She apologized to HR and gave them her BVN.
The HR was rather impressed with her resolve not to release her BVN details.

Have you ever been asked to provide your BVN? How did you react?
Have you heard of anyone whose account was hacked with their BVN?
Let us know in the comment box below.

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