I wonder why people keep asking questions about BVN requirements in a banking system of Nigeria. A Bank Verification Number (BVN) is a mandatory factor that must be linked to a bank account in Nigeria before it can be used to send and receive money.
Even if you don't link your National Identification Number (NIN), a Bank Verification Number (BVN) is compulsory in a bank account. However, same thing goes to Chipper Cash. Yes, a BVN is compulsory to open and activate a Chipper Cash Account in Nigeria.
"We currently accept BVN for your initial account verification. However, if NGN users want to claim a virtual card or invest in US stocks, they need to verify their account with these additional documents; NIN slip, International passport or Driver's license," stated on Chipper Cash website.
BVN is required on Chipper Cash to keep your information up-to-date on the platform. Aside the fact that the Central Bank of Nigeria (CBN) mandates it that BVN should be used by financial institutions to verify customer identity, it's also an essential tool to curb account holder from engaging in fraud or any related activities.
In a nutshell, you will not be allowed to use Chipper Cash or any of it services without submitting your Bank Verification Number (BVN) for Verification. Upon submitting your BVN for verification on Chipper Cash, you will be asked to input an OTP sent to either your BVN-linked email address or phone number. Confirm the code to proceed with your account creation.
How to remove BVN from Chipper Cash
Removing your Bank Verification Number (BVN) from any financial institutions is not something easy. However, I want you to understand that it's not necessary to remove BVN from your bank because it doesn't pose any risk to you.
Likewise Chipper Cash, you cannot remove your BVN from the Fintech App manually or automatically. You will need to contact Chipper Cash customer care service via email ([email protected]) and request for BVN removal from your account.
However, do note that these actions doesn't guarantee your BVN is completely removed from their data base. They actually do know that many people request to remove BVN from finance app because the want to open new account on that same app with the same BVN which completely violate terms and conditions.
Importance of BVN Verification in Bank Account
BVN verification is an indispensable component for bolstering security and fostering trust within the, not only Chipper Cash, but, bank ecosystem. By meticulously confirming users' identities through BVN, Chipper Cash effectively minimizes the potential for fraudulent activities and unauthorized transactions.
Furthermore, this verification process enables Chipper Cash to adhere to regulatory mandates, thereby upholding a compliant and secure environment for its user base.
Conclusion
While BVN verification is mandatory for account opening on Chipper Cash platform, you should also know that when the BVN is successfully added, you cannot remove it manually until you contact Chipper Cash customer service.
Chipper Cash endeavors to optimize user experience by prioritizing seamlessness and convenience. Utilizing advanced encryption methods, the platform safeguards users' BVN and personal data, guaranteeing privacy and confidentiality.
In addition, clear instructions and comprehensive guidance on completing the BVN verification process are provided by Chipper Cash to minimize any potential inconvenience for users.