Opening a bank account in Nigeria without a Bank Verification Number (BVN) is possible, especially for individuals who do not yet have a BVN or are hesitant to provide it initially. However, it is important to understand that such accounts are typically restricted in terms of transaction limits until the BVN is eventually linked. Here’s a comprehensive guide on how to open a bank account without a BVN and what limitations or advantages come with it.
Which Bank Can I Open Without Bvn Online
To answer this question, let us look at some important parts of the Banking sector.
How to Open a Bank Account Without BVN
In Nigeria, many banks and financial institutions offer the possibility to open a bank account without a BVN. This can be done either online via mobile apps or through USSD codes. However, these accounts are usually categorized as Tier 1 or low-level accounts with specific transaction limitations until a BVN is linked.
USSD Code Method
Most Nigerian banks allow customers to open accounts without BVN using their USSD codes. The process is simple and quick. All you need is a mobile phone and a valid phone number. The following are some examples of USSD codes for different banks:
- Access Bank: *901#
- EcoBank: *326#
- Fidelity Bank: *770#
- First Bank: *894#
- GTBank: *737#
- UBA: *919#
- Zenith Bank: *966#
Once you dial the code, follow the prompts to enter your details (such as name, phone number, etc.). After completing the registration, your new account number will be sent via SMS.
Online Banking Applications
You can also open an account without a BVN using the bank’s mobile banking app or website. For instance, GTBank, Zenith Bank, UBA, and First Bank offer options to create new accounts through their apps or online portals. You simply need to:
- Download the app of your preferred bank from Google Play or the App Store.
- Open the app and select “Create New Account.”
- Fill in your personal details (name, phone number, and in some cases, an ID document like a National Identity Number (NIN)).
- Submit the information, and your new account will be created.
Some banks, such as Opay and Moniepoint, offer accounts without needing BVN or NIN, although they are fintech companies rather than traditional banks.
Limitations of Accounts Without BVN
While opening an account without a BVN is convenient, it does come with certain limitations:
- Transaction Limits: Typically, you will be restricted to a maximum balance of ₦50,000 in your account and may not be able to make deposits exceeding ₦100,000. This limit is set by the Central Bank of Nigeria (CBN) to ensure the account’s security until the BVN is linked.
- Limited Access to Services: Without linking your BVN, you may be restricted from withdrawing money, transferring funds, or making payments from the account. The account may function as a “savings” only account, allowing you to receive funds but restricting debit transactions until the BVN is provided.
- No ATM or Debit Card: Most banks will not issue you a debit card or allow you access to online banking services such as internet banking or USSD transfers without a BVN.
Advantages of Opening an Account Without BVN
- Easy and Quick Setup: Opening an account without a BVN, especially via USSD or mobile apps, is fast and convenient. You don’t need to visit the bank in person, which makes it an excellent option for people who are busy or in remote areas.
- Temporary Solution: This type of account can serve as a temporary measure, especially for young adults or new entrants into the financial system who may not yet have a BVN.
Banks that Offer Accounts Without BVN
Several traditional and fintech banks allow users to open accounts without BVN, though, as noted, the account’s functionality will be limited until the BVN is linked.
- GTBank: Their mobile banking app allows new customers to open accounts online without a BVN, but linking the BVN is necessary for full account access.
- Zenith Bank: Using their *966# USSD code or online portal, you can open a “Lite” account without a BVN. Again, transaction limits apply until BVN linkage.
- Access Bank: This bank offers a similar “Tier 1” account using their *901# USSD code, which can be opened without a BVN.
- UBA: Using the *919# USSD code, UBA provides an option for customers to open accounts without BVN, with the same limitations on account usage.
- Opay and Moniepoint: These fintech companies offer accounts without the need for a BVN or NIN, though it is recommended to upgrade by linking your BVN for more access.
How to Upgrade Your Account
To fully access all banking features such as withdrawals, transfers, and bill payments, it is essential to upgrade your account by linking your BVN. You can do this by visiting a branch of your bank with the following:
- A valid ID (e.g., national identity card, voter’s card, international passport)
- Utility bill (optional, depending on the bank)
- Your mobile number and BVN
Once your BVN is linked, the transaction limits will be removed, and you will have unrestricted access to your funds and other banking services.
Conclusion
Opening a bank account in Nigeria without a BVN is possible and can be a useful option for those who do not yet have a BVN or want a quick account setup. However, these accounts come with significant limitations, especially regarding transaction limits and access to funds. It is recommended to link your BVN as soon as possible to fully unlock the benefits of your bank account. For the best experience, choose banks like GTBank, Access Bank, Zenith Bank, or fintech platforms like Opay, which offer quick and convenient account opening processes online or via USSD.
By keeping these considerations in mind, you can decide whether opening an account without a BVN is the right choice for your banking needs.
