You don’t have a Bank Verification Number in Nigeria? If so, you’re not alone. Millions of Nigerians are in the same situation, and this can pose challenges when trying to open a bank account.
Fortunately, there’s some good news – Sparkle Bank, a digital banking solution, enables you to open an account even without a BVN.
If you’re reading this article, chances are you’re seeking a banking solution in Nigeria without the requirement of a BVN. Rest assured, Sparkle Bank has the solution for you. But how does Sparkle Bank manage to function without a BVN? In this article, we will delve into the intricacies of how Sparkle Bank verifies your identity and how you can utilize your Sparkle Bank account for various transactions. We will also explore the limitations associated with using a Sparkle Bank account without a BVN and provide guidance on upgrading your account to a BVN-linked status.
So, if you’re on the hunt for a means to establish a bank account in Nigeria without the need for a BVN, read on to discover more!
About Sparkle Bank:
Launched in 2020, Sparkle Bank is a digital bank operating in Nigeria. It operates under the Central Bank of Nigeria’s (CBN) license and offers a range of banking services, including account creation, fund transfers, bill payments, and loan facilities. Sparkle Bank, also known as Sparkle Microfinance Bank, is situated at 76a Samuel Adedoyin Street, Victoria Island, Lagos, Nigeria. For inquiries, you can contact them via email at [email protected].
Sparkle Bank distinguishes itself by allowing individuals to open accounts without the necessity of a Bank Verification Number (BVN). This feature makes it particularly attractive to newcomers in Nigeria or those who do not possess a BVN for any reason.
To open a Sparkle Bank account without a BVN, individuals must download the Sparkle app, create an account, and undertake a selfie-based identity verification process. Following the approval of the account, users can commence conducting transactions. However, accounts without a BVN do come with certain limitations, such as a daily transaction limit of ₦50,000 and a daily ATM withdrawal limit of ₦10,000. Furthermore, such accounts do not grant eligibility for loan applications until they are upgraded to BVN-linked accounts.
To upgrade your Sparkle Bank account to a BVN-linked status, visit a Sparkle branch and provide your BVN. After this process, you will no longer face transaction limits, and you will be able to apply for loans.
Here are some of the activities you can perform with a Sparkle Bank account that doesn’t require a BVN:
1. Transfer funds to other Nigerian bank accounts.
2. Pay bills.
3. Purchase airtime and data.
4. Shop online.
5. Withdraw cash from ATMs.
How to Open and Utilize Sparkle Bank Without a BVN in Nigeria:
Imagine you are a young student in Nigeria who lacks a BVN but urgently needs a bank account to receive your student loan. You’ve heard about Sparkle Bank and decide to give it a try:
1. Download the Sparkle app from the Google Play Store and create an account.
2. Input your name, email address, and phone number.
3. Complete a selfie-based identity verification.
4. Provide personal information such as your date of birth, address, and occupation.
5. Create a PIN code and password for your account.
Your account will be swiftly approved, allowing you to manage your finances conveniently, including receiving your funds, paying fees, and making online purchases. Sparkle Bank has made money management significantly easier for you.
How to Upgrade Your Sparkle Bank Account with BVN:
Now that you possess a Bank Verification Number for your Sparkle Bank account, follow these steps to upgrade it to a BVN-linked account:
1. Visit a Sparkle branch.
2. Provide your BVN.
3. Complete necessary paperwork.
Once upgraded, you’ll no longer encounter transaction limits and will be eligible to apply for small loans.
How to Secure a Loan from Sparkle Bank:
Consider a scenario where Mfon, a small business owner in Nigeria, is looking to expand her business but faces loan denials from traditional banks due to the absence of a BVN. However, she learns about Sparkle Bank, which offers loans to small businesses without requiring a BVN.
Excited by the prospect, Mfon visits the Sparkle Bank website and applies for a loan. Her application gets approved, and she uses the loan to expand her business successfully. With her newfound funds, she purchases additional inventory and opens a new store nearby.
Mfon’s business flourishes, all thanks to Sparkle Bank’s support in achieving her goals. If you’re in a similar situation, you too can secure a loan from Sparkle Bank without a BVN using the following steps:
1. Visit the Sparkle Bank website and click on the “Loans” tab.
2. Select the “Apply for a Loan” option.
3. Fill out the loan application form.
4. Submit required documents, such as your business registration certificate and financial statements.
5. Await a response from Sparkle Bank, which will review your application, discuss loan options, and, if approved, deposit the loan funds into your Sparkle Bank account.
In summary, Sparkle Bank provides a valuable option for those in Nigeria without a BVN who seek to open a bank account, access banking services, and secure loans. While it offers convenience, it’s essential to be aware of its limitations and the need to upgrade your account to enjoy full banking services. If you’re looking for a hassle-free banking experience in Nigeria without a BVN, Sparkle Bank is a viable solution.”