Bank Verification Numbers (BVN) are unique digits that financial institutes use to verify the identity of each Bank’s customer for know your customer’ (KYC) purposes.
It is an eleven-digit code that would be generated by a bank upon account registration. This code is your key to all your transactions made with Nigeria’s financial infrastructure
How can you suspect if your BNV has been blacklisted in Nigeria? To know what’s wrong with your BVN, you should check out our tips to know if your BVN is blacklisted in Nigeria.
Why is my BVN blacklisted in Nigeria
Several factors could make your BVN to be blacklisted in the Credit Bureau Association of Nigeria. These factors could range from inability to repay the loan, issuing a bounced check, acting as a guarantor to a loan defaulter, being deemed part of a fraudulent scheme, and many more.
Below are four reasons why your BVN has been blacklisted in Nigeria.
1. Issuing a bounced check
Your bank verification financial code can be blacklisted because you’ve issued a cheque to someone when you knew that your balance isn’t up to that amount that was issued.
2. Inability to repay Loans
Your inability to repay your loan when due might lead to your BVN being flagged and you would be placed under debt review for a specific period. During this period, you won’t be able to get or secure loans and all your financial activities would be monitored.
In countries like South Africa, the NCR would be responsible for monitoring all your activities. You’ll be asked to get a debt review counsellor who would tutor you on how you can repay all your loans.
This process would disrupt your lenders from taking legal action against you if you’re unable to make payments on time.
3. Associated with fraudulent transactions
The EFCC can track any suspicious financial activities going across your account and if you’re found to be fraudulent, your bank verification number would be blacklisted if not blocked. Although there hasn’t been much clarity to this claim, you can make further research about that.
4. Guarantor to a loan defaulter
If you’re a guarantor to a loan defaulter you’ll be contacted and if there’s no appreciated turnout, your BVN might also get blacklisted because you’ll be charged also as a loan defaulter.
In this case, you’ll also be unable to secure a loan until the credit has been settled. The best practice is never to vouch for anyone, who you don’t trust or who can’t repay a loan. This doesn’t apply to next of kin.
How to know If your BVN Is Blacklisted In Nigeria
Several factors can help you determine if your BVN has been blacklisted in Nigeria, such as your inability to transact or your bank contacting you.
But the most effective way to know if your BVN is blacklisted in Nigeria is to use any of the registered Credit Bureau portals in Nigeria.
There are three known accredited credit bureau blacklisting in Nigeria that would enable you to know if your BVN is blacklisted, why you were blacklisted, and also give you tips on how to unlist or remove your name.
Below are links to their official webpage
- Credit Connection Nigeria
- CRC Credit Bureau Limited
- FirstCentral Credit Bureau
Procedures to check your BVN status
To check online if your BVN is being blacklisted there are basic steps that must be followed and they are listed below as:
1. Click on any registered first central credit bureau, and create an account by signing up. Submit all required details such as an address, city, and so on.
Any of the crc credit bureaus might just ask for your BVN and phone number alone
2. Enter your BVN and phone number, into the space provided, then click on register. Then a code would be sent to your message inbox.
3. Provide all additional value-added details that would be required such as date of birth, country, and more.
4. Then click on register, you’ll be redirected to your homepage where you can ask for your credit report which would enable you to detect if your BVN is blacklisted in Nigeria.
What happens If your BVN Is Blacklisted
What happens when your BVN is blacklisted is that you won’t be able to get loans from the bank or any loan apps in Nigeria. Your credit score would be high and you may also encounter difficulties in carrying out other financial operations that may require verification of your BVN.
What To Do If Your BVN Is Blacklisted
Have you had your BVN blacklisted and are unsure what to do? To be honest, getting out of this isn’t as simple as you might think. You may have to go through several procedures for several years.
The steps below would help you and here they are;
1. If you were blacklisted because of your inability to repay your loan on time, the best thing to do is to contact your bank or CBN to know the exact amount and terms to repay.
2. If you were blacklisted because of a bounced check, the right step is to contact your local bank manager to rectify the issue. And within a couple of days, your name would be removed from the list.
3. If your BVN is blacklisted because of fraudulent transactions or activities, the best procedure is to contact your bank. Do not go to the bank physically unless you want to be arrested.
It is advisable to get a lawyer in this case if you know you’re pure and that was just a mistake.
What are the disadvantages of being blacklisted?
There are so many disadvantages to being blacklisted in Nigeria,
1. Unable to secure some government deals
Having your BVN blacklisted is bad and can limit your opportunities. Certain government jobs, such as those with the Nigerian Intelligence Agency or the Central Bank of Nigeria, may require applicants to have a spotless credit history.
2. Unable to get jobs
Some businesses do check the credit histories of their prospective workers; banks and other financial organizations, in particular, will not consider hiring persons with bad credit, not even entrusting them with sales or accounting positions.
3. Unable to secure a loan
Can loan apps blacklist my BVN? Yes, your BVN would be reported to the crc credit bureau if you’re unable to repay your loan. And this would lead to your bank verification number being reported to all loan lenders in Nigeria.
Here are some steps to remove your name from the blacklist in Nigeria
How do I remove my name from the blacklist? Well, there are couples of sacrifices to be paid. Let the truth be told, the main way to remove your name is to pay all your outstanding debt, then contact the CBN to clear or update your credit score status.
Further effective help is labelled below;
1. Contact Credit Bureau
If your credit score was lowered due to defaulting loans, pay off your debt and contact your indebted to notify the credit bureau agency about your status.
Furthermore, if the process seems so slow, you may apply to the credit bureau where you were listed as blacklisted to update your status.
This can be done by contacting the Bureau via phone/email: Email: support@crccreditbureau.com and phone number +234-807-209-0622.
When writing, make sure you add your name, phone number, your BVN, a screenshot of your transactions, and any other documents that might be requested.
2. Get a clearance certificate or letter of non-indebtedness
Only those who are represented by an attorney or lawyer may obtain a letter of non-indebtedness. You will need to submit a clearance certificate from your attorney to the credit bureau for lender verification.
This has been the fastest process to get your name removed from the list of loan defaulters in Nigeria 2024.
How long does it take to be removed from the credit bureau blacklist in Nigeria?
In Nigeria, it takes between 2 and 5 years, depending on the amount of the defaulted loan. A repayment plan can last 36, 40, or more months and during this period, your salary would be monitored, and your financial activities would also be monitored to ensure safe payments.
It is also important to note that there is no time limit for having your name or BVN removed from the Nigerian credit bureau blacklist. Depending on how the issue is resolved, it could take as little as 2-4 weeks for some people.
What happens if you don’t pay back a personal loan in Nigeria?
What happens when you default on a loan in Nigeria is that your BVN would be restricted and you’ll no longer be able to carry out financial services like sending or receiving money again.
Furthermore, you’ll be greatly indebted and your interest fees would be increasing gradually so also your fees for damages cost.
If you are referring to a commercial bank loan, and you are unable to pay your loan interest, your loan becomes non-performing, and the bank bears the burden.
In addition to seizing your collateral, your name will be blacklisted and reported to regulatory bodies such as the CBN and the Credit Bureau.
And this is what happens when a bank blacklists you, you will be unable to obtain additional loans or take on most government responsibilities.
Your credit score will also suffer as a result. Loans are the primary source of revenue for banks, and banks hate losing money.
Can I go to jail for not paying online loans in Nigeria?
No, you can’t go to jail for defaulting on a loan in Nigeria. Defaulting on a loan will not immediately land you in jail, but it is also possible.
Because loan default is a civil offence rather than a criminal offence, arrests cannot take place on the spot. As a last resort, banks or online loan portals would turn to civil court (via their legal team).
And if your loan lender or bank has gone to court, you will still have a voice because your credit score and credit history will speak for you.
If your credit history and repayment plan are not worth it, online loans or banks will not have given you a large loan. They took the risk of providing you with unsecured loans only after evaluating your credit history.
When your defence is pleaded, it will be presented to the jury. Unexpected events such as accidents, health issues, and job loss can cause you not to be able to repay and online loans cannot hold you liable if you default for one of these legitimate reasons.
If you are challenged in court about your credit history and you can prove it with a decade of successful history and you plead that you became a defaulter only due to a genuine medical or job loss situation, believe me, you will still have an advantage in negotiating terms and you will never go to jail.
Is debt a Criminal Offence in Nigeria?
Engaging in debt can be a criminal offence and might also not be. The answer is yes and no. Here’s why!
Yes, it is a civil crime, similar to a breach of contract. If your creditor can prove fraud, taking out a loan with the intention of not repaying it becomes a criminal offence.
When you take out a loan, you sign a contract, you make a legal agreement, and you promise to repay what you borrowed. There are consequences for breaking your word and breaking that legal contract. It is not a gift.
They loaned you money with the understanding that you would repay it. This is not your money. They can and will recover it in some way.
On the other hand, the answer is No. Owing a debt, as well as a debtor’s refusal, failure, or inability to liquidate his debts, is not a criminal offence punishable under Nigerian law.
But you should know that legal terms would be carried out against you.
Final Thought to know if your BVN is blacklisted in Nigeria 2024
To know if your BVN has been blacklisted, follow every step provided in this article and you’ll be able to get your report status.
This was a guide to know if your bvn is blacklisted in Nigeria. Hope you had a great time reading through and if you have any questions, don’t hesitate to ask and also share this article.
