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New BVN Verification Update:iGree

New BVN Verification Update:iGree

Owned by Ivy Nzioka (Unlicensed)
Last updated: Apr 12, 2023
3 min read

The CBN issued a new directive that will help to protect customer data and improve privacy. Customers must provide iGree with their consent before their BVN data can be electronically accessed by approved institutions (banks, fintechs). The CBN implemented this consent management platform to reduce the risk of fraud and identity theft because the BVN contains sensitive and personal information.

Prior to this change, authorized institutions could validate a customer's identity by entering the correct BVN into the BVN database.

iGree and Originate

At Originate, we understand the importance of protecting user data and privacy; it is one of our core values. As a result, we have switched to a new BVN service provider who complies with the new directive. Every new user who signs up on Originate as from Friday,14th March 2023, will need to give us consent before we can verify and validate their BVN data.

The new BVN validation flow will look like this:

  1. The customer navigates to the customer platform.

  2. The customer enters their BVN number.

  3. The customer chooses their preferred method of receiving their OTP.

  4. The customer receives the OTP after selecting it.

  5. The customer enters the OTP.

After verification has occurred, the customer can proceed to the create account page.

The customer's information will be auto-filled, and they will be able to create their account.

 

Frequently Asked Questions

 

  1. Will the new BVN consent process take the place of my current KYC procedure?

    The new BVN consent process is intended to ensure that only approved institutions must obtain customer consent before accessing their information in the database. This consent procedure should be used in addition to the KYC procedure included in your customer verification process.

  2. When does the BVN consent process go into effect?

    The current BVN validation system will be phased out on Thursday,13th March 2023, and the new consent process will begin on Friday,14th March 2023.

  3. What happens if the BVN holder does not receive the OTP?

    Two things can prevent the user from receiving the OTP required to complete the consent process on NIBSS.

    • SMS delivery failures are caused by network provider issues. When this occurs, you should restart the consent process.

    • The phone number is no longer available. If the BVN holder is no longer in possession of any of the phone numbers they provided when registering the BVN, they will have to update their contact information at any branch of their bank to complete the consent process.

  4. What is expected of me as a merchant?

Nothing in particular. The only difference is that we will be using a different service provider, so everything will remain the same and no changes will be required on your end as a merchant.

5. How should I handle the existing BVN data?

Existing BVNs verified as part of the merchant onboarding/KYC process will be unaffected. Only new BVN validations will be subject to consent management.

6. Is there a limit to how many BVN requests I can submit?

No. Every new customer who uses your platform will be required to go through the consent process in order to validate their BVN.

 

7. Will I have to pay a new fee for BVN requests?

There will be no change to the existing fee for BVN requests/calls.