In Nigeria, Failure to repay loan and fraudulent financial activities are the major cause of BVN Blacklist. If lender report you to credit bureaus, your Bank Verification Code (BVN) will be blacklisted and when people report your to bank and CBN for fraudulent activities or money laundering, your BVN will also be blacklisted.
Another reason your BVN might be blacklisted is if you stand as a guarantor for someone who has defaulted on a loan, as this can also affect your financial record. Additionally, failing to comply with regulatory requirements set by the Central Bank of Nigeria (CBN) or other regulatory bodies could lead to your BVN being blacklisted. Lastly, issuing a dud cheque for an amount higher than your available bank balance is another action that can result in your BVN being flagged.
So, What Happens When My BVN Is Blacklisted?
When an individual bank verification code (BVN) is blacklisted in Nigeria, the individual will face the following consequences:
- You will not be able to open a bank account. Be it digital bank, Neo bank, online bank or traditional bank, no bank will create a savings or business account for you when your BVN blacklisted in Nigeria.
- Your currently running bank accounts will be restricted or blocked and all funds in them will be on post no debit (PND) until the BVN issue is resolved.
- You will not be able to obtain a loan. If you submit a loan application, it will be disapproved or rejected.
- BVN blacklisted can affect your credit score and tarnish your loan creditworthiness.
- Another consequence of blacklisted BVN is that it can make visa applications be denied until the issue is resolved.
There are still many financial consequences a blacklisted BVN can caused to user. These are just the most serious consequences among them.
However, how will you know if your BVN is on blacklist and how can your resolve the issue? Continue reading to learn how to know if your BVN has been blacklisted and follow the next steps to resolve the issue.
How to know if your BVN is Blacklisted
Maybe you are having loan rejections or your savings or business bank account is restricted or you are seeing a PND restriction on your online bank account, so you’re wondering what could cause all these fateful situations, then you can check if your BVN is blacklisted or not.
Checking BVN status is very easy in Nigeria and you can simply do that on the NIBSS official website. You can also visit the bank your registered for the BVN to check your BVN status.
If you’re in any social media chat with your hand-on-desk (not chatbot) customer support team, you can demand to check the status of your bank verification number (BVN).
Verify your BVN on NIBSS
To confirm if your BVN is active and not blacklisted, verify the BVN on NIBSS official website. The Nigeria Inter-Bank Settlement System (NIBSS), is the organization responsible for managing the Bank Verification Number (BVN) system in Nigeria.
Here’s how to verify BVN on NIBSS:
- Visit the NIBSS’s BVN validation portal.
- Enter your bank verification number.
- Enter your email address and phone number.
- Click on “Verify Now”
If the BVN is active, the details on the BVN such as names, date of birth, attached phone number and other details will be shown.
Validate your BVN via USSD Code
If you don’t know, now you know. You can also verify/validate your bank verification number through USSD code to be sure it’s not blacklisted. To do that,
- Dial *565*1# on the BVN registered phone number.
- Enter the BVN in the prompt.
The details on the BVN such as names, number and DOB will be shown on the next prompts, validating your BVN not blacklisted.
How to BVN is Blacklisted?
If you discover that your BVN (Bank Verification Number) has been blacklisted, it’s important to stay calm and take the necessary steps to resolve the situation.
Contact your Bank
The first action you should take is to visit your bank or reach out to your bank’s customer service. They can provide guidance and help you address the issue related to your BVN status.
Consult a Lawyer
If you believe your BVN was blacklisted in error, it’ll be a good idea to consult a legal expert to understand your rights and explore any available remedies.
Visit NIMC
Additionally, you have the option to visit the National Identity Management Commission (NIMC) to request that your BVN be moved to a whitelist if the situation warrants it.
Get Clearance from EFCC
However, in more that severe and serious cases, you may need to obtain a clearance letter from the Economic and Financial Crimes Commission (EFCC), a Nigerian government agency responsible for investigating and combating financial crimes such as fraud, money laundering, and corruption, to prove that you are not involved in any fraudulent activities.
Repay All Outstanding Debts
Furthermore, if your BVN is blacklisted due to outstanding loan, it will be wise to repay all outstanding loan, send an email to your lender with your payment receipt and request your BVN being removed from the blacklist.
Once that’s done, your lender will submit a clearance of BVN to their credit bureau and your BVN will be removed from the Blacklist, helping to restores your credit score. However, the process can take up to two weeks.
All these steps will help ensure your BVN is cleared and your access to financial services is restored.
