The Bank Verification Number (BVN) was introduced by banks in Nigeria to help protect customers from identity theft and fraud. Luno ties in with this system to provide a better service to our customers in Nigeria.
Why does Luno need my BVN?
As a financial services provider, Luno requires that all our Nigerian customers provide us with their BVN when upgrading their Luno accounts to buy cryptocurrency. This will help us provide better security on the Luno platform and provide a more efficient service to you.
For what will Luno use my BVN?
Your BVN will help us protect you from identity theft, improve service delivery speeds and help restore access to your Luno account in the event that you lose your login details.
Is it dangerous to share my BVN with Luno?
With your BVN, Luno will NOT be able to access your bank account or your financial information.
Luno stores all your personal information, including your BVN in a secure, encrypted form and we will not share this information with anyone who is not authorised by Luno to assist in the verification process.
Where can I find more information?
For more detailed information on the BVN system, its purpose and its benefits, please see http://www.vfsglobal.com/bvn/nigeria/frequently-asked-questions.html