Can my BVN be blocked by a loan App- How to block my ATM card

  • Can my BVN be blocked or Blacklisted?

The Central bank of Nigeria reserves the full right to block your bank verification number or enlist it for blacklisting due to illegal transactions in your bank account.

So, in other words, your bvn can be blocked by the CBN if your account is held for fraudulent actions that are contrary to the terms stipulated in the usage of the BVN

  • Can a loan app block my BVN?

No, a loan app cannot block your bvn and only the CBN have the authority to do such, however an online loan app can submit your BVN to your bank to blacklist you from engaging in further loan transactions with financial institutions, so that is where you are scored a bad credit record and you will find it difficult to apply for a loan and gets successful.

See Related Top10 online loan apps in Nigeria with low interest😜



Can I block my bvn?

No, you cannot block your bvn but you can block your bank account from undergoing further transactions if your ATM card gets lost.

However you can block your ATM card using the “How to block my ATM card process

  • How to block my Zenith Bank ATM card  – #966*911#
  • How to block my GTB ATM card – *737*51*10#
  • How to block my union Bank ATM card– text “BLOCK CARD NUBAN” to 20123
  • How to block my first Bank ATM card– text “BLOCK” to 30012
  • How to block my FCMB ATM card– call + 2342798800

These are USSD Codes to block ATM card that is misplaced or lost

See fake loan apps and avoid them

How to block bvn number

You can contact your bank for information or steps oh how you can block your bvn

Can Icredit block my bvn?

No, Icredit cannot block your bvn..As stated in my post, only the Central bank of Nigeria has the right to block your bvn.

ICredit is just a loan platform that allows you apply for a loan

See Also- CBN issues warning to banks on the use of the BVN

Commercial banks, Microfinance banks and all mobile money operators has issued a direct warning by the Central bank of Nigeria that on no account should they flaunt the new regulatory structure laid down for banking operations with regards to the usage of the Bank Verification Number

See Also

This announcement was made public through a circular passed across to all mobile money operators, commercial banks and all other deposit platforms representing the CBN.

It stated that, taking effect from Tuesday the 12th of October, 2021, a new issuance of a regulatory framework guiding the Bank verification Number usage for all commercial banks opening new accounts for costumers will be laid down.

 




CAn my bvn be blocked- can a loan app block my bvn

Credit: mohamed_hassan
Source: Pixabay

 

CBN further reminded all banks that in line with the CBN rules guiding the operation of the Bank verification Number, subsequent penalties will be given to banks and customers inclusive which/who fail to comply with this policy.

In the statement, Jemmyblog.com gathered that a Penalty fee of two million naira will be issued to banks who fail to diligently verify an intending customer’s full details including his residential address, Nature of job etc. before opening an account for them.

In the same vein, another two million naira fine will be given to banks who fail to capture a customer’s biometrics and  biodatas and a 15% surcharge on the banks for money deposited in the respective accounts during this process.

A customer with an active  bank account without a BVN will be given a fine of two hundred thousand naira.

Additionally, banks are to submit the BVNs of deceased clients to the CBN for watch-listing and failure to do so will attract a penalty fee of a hundred thousand naira per customer/account.

N/B: All these guidelines are in line with the BVN framework guiding its usage.

Recall that in February 2014, the CBN collaborated with the Bankers’ Committee to set up a  Bank Verification Number (BVN) System which assigns a kind of secret or special number that identifies a user with, not just his bank account but all other details pertaining to information about the client.

How to block bvn number

You can contact your bank for information or steps oh how you can block your bvn


The CBN has chosen to update the bank’s structural framework guiding the policies of banking operations by commercial banks and all other money operators in the country stating reasons that the updated Framework will effect a successful KYC, otherwise known as “Know your customer” policy and the carrying of a dependable and efficient payment system for banking operators to work on.

Also, the fact that this framework will tackle the rising cases of fraudulent activities and will likewise promote trust among the banking sectors in the Country.

The Circular which was titled “Issuance of the new regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry.” aim to inform the masses that penalties will be melted out to defaulters of the message.

Here, the CBN was quoted as follows;




“Banks must guarantee appropriate collection of BVN data (including BVN acquired by their agents) and validation of the same before linking to clients’ accounts/wallets.”

“While customers must provide accurate biometrics and biodata. Customers role and responsibilities shall also include the reporting of any changes in their biometric (e.g. loss of a finger) and biodata.”

“Ensure that BVN details of all signatories, directors, and beneficial owners are linked to their respective non-individual accounts/wallets (except Tier 1).” the Circular stated.

Meanwhile the Federal government after a briefing by the Director of communications are considering replacing the Bank verification number with the National Identity Number (NIN).

Recall that the issuance and replacements of SIM Cards were only carries out after presenting your NIN to Network operators, hence, the NIN registration is a necessity for all Nigerians as it has grown to become a criteria for any major operation in the country.

It is best we all comply with this policy.

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