What’s a BVN anyway?
Your BVN (short for Bank Verification Number) is an 11-digit code attached to your data (your name, date of birth, photograph and fingerprint). The Central Bank uses this data to limit illegal transactions. Basically, your BVN keeps your money safe(r) by making it hard(er) for your identity to be stolen.
So, why do we ask for your BVN?
First, because it’s a government regulation that applies to financial institutions (banks, investment companies, fintechs) including Rise. We really can’t say no to the government.
Second, because it’s the easiest way for us to confirm your identity, and knowing who you are is particularly important to us because Rise is bound by Nigerian and US laws. These guys don’t play.
What do we actually do with your BVN?
When you type in your BVN, we compare it with the government-owned BVN database to make sure it’s yours. That’s all.
We don’t save your BVN, we can’t use it to access your bank account(s) and we definitely don’t sell it.
In fact, you’re the only one who can see the actual number. All we can see is your date of birth and your full name — basic stuff.
What are the benefits of verifying your BVN?
1. It makes things really hard for anyone who wants to join Rise with your identity.
2. It helps us connect each Rise account to an actual living person and keeps fake profiles and dangerous bots with bad energy far away from us.
3. Everyone’s safer, so everyone’s happier.
See why it’s good to allow us verify your BVN? It takes a few seconds and we’ll never ask you to do it again.