Everyone has a digital identity in today's world. Conventionally, one's identity can be defined as his or her name or other details, but in this part of the world, the BVN serves as the person's identity. Although BVN stands for Bank Verification Number, most Nigerians will still refer to this ID as "BVN number" when referring to or discussing it.
People have repeatedly asked, "Can I get another BVN number from the bank?" and "Can I change my BVN and get a new one?" since the inception of BVN during the Goodluck Jonathan administration until its full implementation during the current regime. Some people ask these questions after failing to repay a loan and receiving threats from loan services that their BVN will be blacklisted, preventing them from obtaining further loans and applications.
However, in this article, we will investigate whether it is possible to obtain a new BVN if you believe the current one has been compromised by a scam or you believe you have been blacklisted or reported by some loan services for failing to repay a loan. Before we answer this question, it's important to understand why the BVN is such an important ID in the banking system, as well as the information that organizations obtain when they obtain your BVN.
Why Is BVN So Crucial?
The BVN, as previously stated, stands for Bank Verification Number, and in this biometric-based financial system, these digits represent everything the customer is. The BVN contains the name, birth date, age, and many other sensitive information submitted to your banking institution, and as such, whenever you submit those digits to any organization or give them to a tech geek, you have exposed your important, personal details to that person.
The BVN can be used to easily trace and resolve problems in your bank account. In fact, some banks no longer require potential customers to submit so many details, instead requesting their BVNs and creating an account. Most online banks/microfinance banks, such as Wema, now allow customers to register or create accounts from anywhere, without having to come to the banking hall to pick a form. Given the significance of the BVN, let us investigate whether you can obtain a replacement BVN if the first one is compromised.
Can the bank issue me another BVN?
The quick answer is no, while the long answer is yes. You may be perplexed at this point, but don't worry, I'll explain why I gave the above answer.
The answer is no, because no bank in Nigeria will agree to give you a second BVN because the banking system is literally centralised, and as such, all information in your BVN can be easily accessed by all banks in Nigeria, and the rules governing the issuance of BVN prohibit giving one customer two BVN under any circumstances.
If something happens to your BVN or if it is blacklisted by any of the loan services, your only option is to repay every penny you received from the loan service. Although most loan providers, both online and offline, will take this step if they believe you are no longer interested in repaying your loan or if they believe you have cheated them. So your only option is to repay the loan and contact them to have the report against your BVN removed.
The Only Way to Get a New Bank BVN
The reason I said yes is that BVNs only last ten years. This means you will have the opportunity to visit the bank and enroll for a new BVN after your current one expires. So there is a chance to obtain another BVN, but you must wait until it expires in ten years.
