Over the years, there has been a rise in the number of individuals that have experienced identity theft globally, as well as fraudulent transactions on their account with a stolen or missing debit card.
All business industries are always at risk and that is why we (Flutterwave) have put in various security measures to ensure that your account is safe.
If you are setting up a business or individual account with us, we run some compliance checks as required by law. Sometimes we will also ask you to verify your identity in Nigeria with your Bank Verification Number (also known as BVN)
What is your BVN?
It’s an11 digit number linked to your bank accounts for Nigerian citizens. It basically helps with identification and verification with financial institutions.
The initiative put in place by the Central Bank of Nigeria as a measure to protect a customers account from unauthorized access and reduce fraudulent activities.
So when we ask you for your BVN, the information you provide us with is not saved in our system. What we do is run checks using a bot from the BVN registry to make sure that you are who you say you are.
Your BVN information will never be shared with any third party and you can rest assured that we do not have access to your bank accounts.
We ask for your BVN because it’s mandatory – we are legally required to do so by the Central Bank of Nigeria. With this in place, we’re able to confirm account ownership and reduce the risk of identity theft and fraudulent activities on your account.