Nigeria - Why does Luno require my BVN/bank verification number?

Nigeria - Why does Luno require my BVN/bank verification number? Recently, a friend of mine asked me the foregoing question while he was trying to signup an account with Luno. I could recall vividly how he put his statement during our conversation on phone; Mike, are you sure they won't tamper with my money. 
Nigeria - Why does Luno require my BVN / bank verification number?
Well, just like my friend, a lot of us are still asking this same question. Tust me, once you reach that stage while signing your Luno account, you must purse and asked whoever recommended you to Luno the same question.

But, in order to clear this issue or challenge, we've decided to prepare this post for you and your friends. The reason why Luno is asking you for your BVN shall be outlined in the course of this post for you. So continue reading...


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 their customers in Nigeria. 
  
Why does Luno need my BVN? 
As a financial services provider, Luno requires that all their Nigerian customers provide us with their BVN when upgrading their Luno accounts to buy digital currency. This will help Luno provides 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 Luno 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 anybody. 
  
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
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