Banking
All You Need to Know About BVN, How to Retrieve it and Link it to Your GTBank Account
By Modupe Gbadeyanka
To curb or reduce and illegal banking transaction in Nigerian banking system, Central Bank of Nigeria (CBN) in 2015 directed all account holders home and abroad to enrol for a bank verification number also known as BVN.
BVN is an 11 digit identification number that gives every Nigerian with a bank account a unique identity that can be verified across the banking industry in Nigeria. This means even if you have accounts with all banks in Nigeria, you only need one BVN and you can link it to all other accounts.
This article will explain all you need to know about BVN and biometric, different ways to link BVN to your GTBank account and how to retrieve your unique number if forgotten by USSD or short code using phone and number (MTN, ETISALAT AND AIRTEL) associated with your bank account.
Bank verification number is a centralized biometric identification system launched by CBN in collaboration with all Nigerian banks to curb theft. Before we continue to top things you need to know about BVN, I will like to digress a little and explain the working principle of biometric.
Working Principle of Biometric
Biometric devices uses a reader or scanning device to scanned human biological data/characteristics like fingerprint, voice, facial features etc.., a software that coverts the scanned information into digital form & compares match points and a database that stores the biometric data for comparison. This data are usually encrypted to prevent identity theft.
To convert the biometric data, the software identifies specific points of data as match points. The match points in the database are processed using an algorithm that translates that information into a numeric value. The data set value is then compare with the Biometric the end user has entered into the scanner and authentication is either approved/granted or denied.
The working principle of biometric remains the same, no matter what methodology is employed. That is, a record of human’s unique biological data that is captured and kept in database and when verification is required, a new record is captured and compared with the previous one in the database. If it matches, it confirms the identity. It is a more secure means of identification or authorization to password.
Top things You Should Know About Bank Verification Number
- Your BVN is accepted as a means of identification across all Nigerian banks.
- Registration in one bank covers all accounts you have in all other banks.
- It takes up to 24 hours after registration to get a BVN. You will receive SMS alert.
- A BVN identification card with a computer chip bearing your embedded personal information will be available for collection at your designated bank branch.
- It is free, reduces fraudulent activities and increases the efficiency of banking operations.
- At point of registration, your fingerprint and facial image will be captured.
- Your Bank Accounts are protected from unauthorized access.
- Gives easy access to Banking operations.
- Your Bank Verification Number remains the same for life.
How To Link Your BVN To Your GTBank Account
As far as internet banking and integration of top notch state of the art technology into banking system is concerned in Nigeria, Gtbank has always been on the top position. Gtbank has provided series of ways to link Bank Verification Number to your guarantee trust bank account.
1.) Link BVN to GTBank via SMS
To link your BVN via SMS, just text + BVN number to 08076665555. E.g. BVN to 08076665555 .
2.) GTB BVN Linking Process in ATMs
- Insert your Gtbank ATM card.
- Then select BVN Link on the transaction menu screen.
- Enter your 11-Digit Bank Verification Number.
- Confirm your BVN details.
- Finally, submit your BVN.
3.) BVN Linking Process via GTBank Internet Banking
- Log in to your Gtb internet banking dashboard.
- Select BVN Linker from the left-hand panel.
- Click on New Request.
- From the drop down menu, insert your Bank Verification Number was issued.
- Select the Nigerian Bank were BVN was Issued.
- Answer your Secret Question and continue.
4.) BVN Linking Process via the BVN Portal on GTBank Website
- Input your GTBank Nuban and click Verify Account Number.
- Select the Nigerian Bank where your Bank Verification Number was issued.
- Input the BVN number obtained from another Nigerian Bank.
- Clink on Submit.
Please visit (www.gtbank.com/bvnlinking) to link your BVN.
5.) BVN Linking Process via 737 Mobile Banking
To link your BVN via 737, simply dial *737*20*BVN# .
How To Retrieve Bank Verification Number on Phone
To check BVN number on phone, simply dial *565*0# on a number associated or linked to your account. This works for all Nigerian mobile networks and banks. GTBank will charge you N10 naira for this transaction; it might be more or less for other banks.
You can also retrieve your bank verification number online via GTBank internet banking platform. If you have an account GTBank and have activated it for online banking, you can check your BVN number by just signing in with your PC.
That’s all on bank verification number (BVN) in Nigeria banking industry and everything else associated with it.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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