Step By Step Guide On How to Start BVN Registration Business

July 25, 2022

Step By Step Guide On How to Start BVN Registration Business

In this article, we'd be seeing all you need to know about starting a lucrative bank verification business in Nigeria. A Bank Verification Number (BVN) is a unique ID number that is issued to every bank customer at enrolment and linked to every account that the customer has in ALL Nigerian Banks. Every customer's BVN is mapped to their biological traits namely; fingerprint, signature and facial photograph captured at the point of enrollment.

In February, 2014, The Central Bank of Nigeria (CBN), in collaboration with the Bankers Committee, proactively embarked upon the deployment of a centralized Bank Verification System and launched the BVN with the primary aim of protecting customers' banking transactions in Nigeria.

How The BVN Works

A Bank Verification Number (BVN) offers the verification and validation of the customers’ identity seamlessly across multiple and interoperable electronic platforms.
The BVN database is searched to display relevant information about an individual. Information ranging from the names to the addresses, date of birth and even phone numbers.

How to Start BVN Registration Business

Do you know that you can earn a living from helping new banking customers set up accounts in their respective banks? As you proceed, we'd be tutoring you on how to get a license to start helping new customers set up their BVNs and accounts.

Requirements for Starting a BVN Registration Business in Nigeria

Below are the requirements for starting a BVN registration business in Nigeria:
• Ability to read and write fluently
• A mobile phone or computer system
• A valid means of identification, ie; Government issued ID like the national ID card, voter's card or international passport
• Proof of residence, ie utility bill, tenancy agreement, property title, etc.
• You'll be required to present a passport-sized photograph
• You must have an existing business outlet or provide evidence of membership of a trade association
• You could be asked to present your account statement of financial account detail
• Last but not least, you might be asked to pay a start-up capital.

Steps to Starting a BVN Registration Business in Nigeria

Below are the steps to follow when starting a BVN registration business in Nigeria:
• Visit the bank you wish to become an agent
• Approach a customer service agent
• Let him/her know of your interest in becoming an agent of the bank
• S/he'll give you a form to fill
• Fill and submit the form with the correct info. Also, remember to provide the required documents
• You'll be notified of the next step to take via phone or email once your request has been received.

What are the functions of a Banking Agent?

A banking agent is a retail or postal outlet contracted by a financial institution or a mobile network operator to process clients’ transactions.  It is the owner of an outlet (the agent) who conducts banking transactions on behalf of a bank.
The following services can be offered by the banking agent:
• Account opening
• BVN registration
• Cash deposits and withdrawals
• Transfer of funds
• Payment of bills, ie utilities, subscriptions, taxes, etc
• Balance inquiries
• Collection of bank mail
• Cheque book request and collection
• Issuance of mini-statements

What do you think? Have you registered to be an agent? Which bank did you go for and how easy was it? Kindly drop us a comment and don't forget to share with your friends.

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