Why is BVN important for signing up on Bitmama? This is one of the common questions our users ask and rightfully so. You are within your right to inquire about how the data you provide is used and why it’s needed in the first place. Here we’ll walk you through everything you need to know regarding why we need your BVN and the key role it plays in helping us keep you secure from fraud.
The BVN connection: Why fintechs in Nigeria require it
The Bank Verification Number (BVN) is a unique identification number assigned to individuals who own bank accounts in Nigeria. The Central Bank of Nigeria (CBN) introduced it in 2014. The purpose was to curb financial fraud, enhance security, and streamline banking operations.
Since our launch, Bitmama has been a game changer, offering users convenient access to a wide range of crypto and decentralized finance services. When onboarding, users need to provide key information including their name, a valid means of identification, and BVN. The Bank Verification Number (BVN) is a common requirement when opening an account with fintechs in Nigeria for security reasons. The bottom line is – with BVNs, companies can verify the user’s identity, reducing the risk of fraud on their platform.
You’ll love this – What are green cryptocurrencies?
Why is BVN required when onboarding Bitmama?
The key reasons Bitmama requests your BVN during signup include:
1. Security
One of the primary reasons we require your BVN during the account registration process is to ensure enhanced security. By linking an individual’s account to their BVN, we are able to verify the identity of the user, reducing the risk of fraudulent activities such as identity theft, money laundering, and other related cybercrimes.
2. Regulatory compliance
The regulatory environment in Nigeria mandates that financial institutions must adhere to certain Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Collecting BVNs from our users helps us meet these regulatory requirements, demonstrating our commitment to operating within the legal framework.
3. Combating multiple accounts fraud
BVN serves as a tool to prevent individuals from opening multiple accounts on our platform using false identities. While there may be genuine reasons why you may want to open more than one account on Bitmama, many criminals leverage this to commit fraud.
4. Identity verification
Providing your BVN helps us verify your identity against the governmental database. This ensures that criminals cannot use a BVN that is not theirs to open an account and perpetuate fraud on our platform, leaving the original BVN owner with the repercussions.
Exciting read – 10 crypto use cases you should know
5. Streamlined account recovery
In case a user loses access to their account or forgets their login credentials, the BVN can serve as a means of account recovery.
How to verify your account on Bitmama
Follow the steps below to verify your account on Bitmama:
- Download the Bitmama app and signup
- Login to your account
- Navigate to “Verification” and begin the process
- Follow the promotes by providing the requested information across the 3 verification levels (valid means of identification, BVN, a clear picture, etc)
- Lastly, your account will be automatically verified after we validate the provided documents
Note: You need to complete up to level 3 verification to enjoy limitless access to all the amazing features we provide. This detailed guide will walk you through – How to easily get verified on Bitmama.
Also, feel free to send us a mail at [email protected] if you have any questions or concerns.
The Bank Verification Number (BVN) has become a pivotal element in the operations of fintechs in Nigeria. While it may seem like an additional step or unnecessary information to providers during the registration process, it plays a crucial role in ensuring the security, legality, and efficiency of the services we offer you.
By requiring BVNs, we demonstrate our commitment to responsible and compliant operations, ultimately benefiting both the industry we operate in and you, the consumer we serve.
Bitmama offers a secure marketplace for crypto enthusiasts. Perform activities like crypto exchange, crypto staking, and creating virtual dollar or crypto cards for online payment. Get started today by downloading the Bitmama app.
