Are you looking for the best apps to get instant loans without BVN in Nigeria?
If YES, this article is only what you need to read today.
Is it Possible to Get Loans Without BVN in Nigeria?
A loan can be gotten from various sources, and this is the major factor that will determine if a Bank Verification Number (BVN) is required or not.
If you collect a loan from a friend or an association, you might not need a BVN because of the level of trust between you and your friend or the association.
A BVN is, however, needed to get a loan from banks and some loan companies in Nigeria.
This is because of an instruction from NIBSS, that “individuals who are applying for loans must provide their BVN to lenders so that their details can be confirmed from the Nigerian central database.”
Why BVN is Needed for Loans in Nigeria
Loan apps and companies in Nigeria need your Bank Verification Number (BVN) to confirm your identity.
This provides them a form of safety net since they can use the BVN to check if you are who you really say you are.
A BVN, however, cannot be used to access any bank account or be used to pay money into or collect money from any account by itself.
A BVN can only access information about the owner of a bank account to confirm personal details.
Your BVN cannot be blocked by loan apps in Nigeria.
Only the Central Bank of Nigeria can block your BVN.
What is the Bank Verification Number?
A Bank Verification Number (BVN) is an 11-digit unique identity for everyone in Nigeria with a bank account.
The Central Bank of Nigeria introduced the Bank Verification Number to:
- Decrease illegal banking transactions in the country.
- Curb fraud in the banking industry.
- Ensures one can engage securely in transactions at any point of banking operations in Nigeria.
As proscribed by the Federal Government of Nigeria, you may not have two BVN with different names since BVN is attached to each account and can be used in multiple banks by the same customer.
Your BVN name is accepted by all the banks you are banking with.
You can’t be scammed if someone only has your BVN.
For safety, ensure your bank-registered phone number is with you, your ATM card, and all your secret bank details remain with you only.
How to Get Your Bank Verification Number
Here are the steps to enroll for BVN in Nigeria:
- Visit any Bank branch and complete the enrolment form.
- Your biometric data will be captured on the system.
- You will then receive a Ticket ID.
- BVN will be sent to your registered mobile number.
Get your BVN in any of these banks in Nigeria:
- Access Bank Plc
- Ecobank Nigeria Plc
- Fidelity Bank Plc
- First Bank of Nigeria Limited
- First City Monument Bank Plc
- Guaranty Trust Bank Plc
- Heritage Bank
- Keystone Bank Limited
- Polaris Bank Limited
- Stanbic IBTC Bank Plc
- Standard Chartered
- Sterling Bank Plc
- Union Bank of Nigeria Plc
- United Bank for Africa Plc
- Unity Bank Plc
- Wema Bank Plc
- Zenith Bank Plc
4 Best Apps for Quick Loans Without BVN in Nigeria
Here are the top apps that offer instant loans without BVN in Nigeria:
- Aella Credit
There are few legit apps and companies to get loans without BVN in Nigeria.
Make your choice from the list above to apply for instant loans today.
Also, be careful with who you share the details of your BVN with because the information it provides can be used in negative ways.
If you share your BVN with fraudsters, they cannot use the BVN alone to steal money from any of your accounts.
But since the BVN can check your identity details, they might try to use the knowledge of your identity to ask for your bank account details, and ATM PIN.
Once they have this, they can easily take money from your bank accounts.
Hope you enjoyed this article.
If you know any loan apps in Nigeria without BVN that are equally a good option or shouldn’t be on this list, please let us know in the comment section.
I wish you success.