As per a recent directive from the Central Bank of Nigeria (CBN), directors of Nigerian businesses are now mandated to consent to the use of their Bank Verification Number (BVN) for identity validation purposes.
To further protect the confidentiality of your BVN data, the Nigeria Inter-Bank Settlement System (NIBSS) has introduced a consent management platform called iGree. As part of the Paystack onboarding process, you will be redirected to the iGree consent management platform to authorize the use of your BVN for Know Your Customer (KYC) verification purposes.
We understand that this might be an inconvenience, and we apologise, but we assure you that this additional step is aimed at safeguarding your BVN data from potential misuse by malicious individuals who may have access to your personal information. You can check out the CBN directive here for more information.
How does this work?
While providing the information on the directors of your company, you will need to provide consent for BVN validation.
Once you click the 'Provide BVN consent' button, you will be redirected to the iGree consent management platform. There, you’ll be asked to grant Paystack consent to process your personal information.
If you choose to allow Paystack to process your information, you will be prompted to provide your BVN. An OTP (One-Time Password) will be sent to either the phone number or email address associated with your BVN, and you can select your preferred method of OTP delivery.
After receiving the OTP, you will need to input it to complete the consent process. Once you've done that, you're all set and can proceed with completing the Compliance form.
After providing my BVN, will I have to provide another means of ID?
Yes, in addition to providing your BVN, business directors are required to provide another valid, government-issued ID. We accept several documents as valid means of ID, including Driver's Licence, National Identity Number (NIN) Slip, Voter's Card, or Passport.
What if I have lost access to the phone number or email address linked to my BVN?
If you are unable to access the phone number or email address associated with your BVN, you won't be able to receive the OTP for consent for BVN validation. In such cases, you would need to contact your bank to update your contact information to a phone number or email that you have access to. This will enable you to complete the BVN validation process.
Why am I not receiving the OTP even though I have access to my contact information?
The OTP is sent by NIBSS’s technical team. It’s possible that the OTP delivery may be delayed in some cases. You can choose to have the OTP delivered via SMS to the phone number linked to your BVN or via the email address linked to your BVN. If you choose to have it delivered via email, you should ensure to check your Spam folder to ensure you don’t miss the mail.
If you still do not receive this OTP, you would need to contact your bank to ensure there's no mistake in your contact information such as a typo in your email address or a wrong digit in your phone number.
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