BVN: This is known as Bank Verification Number, It’s unique to all customers operating a bank account irrespective of how many accounts you operate just one BVN number will be used for all.

It is a CBN scheme put in place to ensure that every account holder in the Nigerian banking system has a unique identification number that can be verified across all banks in Nigeria to capture customers’ data and check fraud in the banking system.

See enrollment process for acquiring your BVN and code to check.

A dormant account is an inactive account which has no activity for a long period of time other than interest. A statute of limitation usually does not apply to the dormant account. This means that any funds In a dormant account can be claimed by the owner or beneficiary at any time.

To reactivate dormant accounts just follow the steps below:

In my previous post i have shared with you what a cheque is and the features of cheques and reasons why a cheque will be dishonoured in a bank and ressons why you should also avoid that to save you from ambarrasement too, now i want to share with you types of cheques.

Cheques are mainly of 4 types which are listed below:

Fixed deposit account holders are qualified to have a Naira Credit Card using their investment as collateral.

Features Includes:

First Current Plus is a current account with a difference. It accords you the opportunity to manage your funds without paying transaction charges such as Account Maintenance Charge (AMC) on your transactions monthly having maintained a minimum operating balance on their accounts.

Existing Features also Includes:

This has come to my notice that almost all the banks have a quick banking code to enable there customers perform banking transaction with ease and less stress. As the banking business evolves, First Bank of Nigeria Limited, has remained committed to empowering the Nigerian populace with the *894# Quick Banking service as part of its financial inclusion drive.

See more things you can do with *894#

Your life has just got easier using the FCMB online banking. Apply for online banking and start managing your accounts online from the comfort of your home, office or wherever you have access to internet connection.

Benefits of FCMB Internet Banking:

This has caused so many to lose their cash due to lack of information when they find themselves in such situation. this post has come to your rescue when you lost your chequebook or when stolen. When you lost your cheque or its got stolen, you will need to act quickly to protect yourself and your account. Your bank will give you the option of putting a stop payment on a particular cheque.

Steps on how to stop a cheque.

A standing order is an instruction which is set up by your bank or society on your behalf to transfer a specific sum of amount to a specified account on a regular basis. You can specify the amount you wish to pay, how often, for how long, and what reference appears on statements.

What’s good about them?

Mobile banking refers to the use of a smartphone or other cellular device to perform online banking tasks while away from your home computer, such as monitoring account balances, transferring funds between accounts, bill payment and locating an ATM. There are two types of transactions, a push transaction, and a pull transaction.
A pull transaction is where the member initiates the transaction. One requests their balance, a funds transfer, or a transaction history request.
Mobile banking can be used anywhere you take your device. Depending on what type of device is used.

See the options available to the member vary as listed below:

A lot of people and most books I read suggest putting your savings especially cash for a future purpose like emergency funds – in money market accounts and I’ve looked into them but I can’t figure out what the difference is between a money market account and a savings account not until I applied for both accounts.

Why is a money market account preferable? What’s the difference?

Most customers find it so annoying and embarrassing for their cheque to be bounced or dishonored. In order to avoid the below happening to you and thus bringing up a host of problems and a headache to boot.

check out this post on how to write a cheque properly.

Firstbank has migrated most transaction in branches to their alternative channels.
This means that transfer of N100,000 and below to all bank accounts will no longer be processed in branches but can only be processed using first bank alternative channels which are safe, easy to use and very convenient. This process helps to reduced crowd in the banking hall and saves time too.

See below the options available for transfer of funds of N100,000 and below:

A Fixed Deposit is a type of short-term financial investments sold by banks to its customers. A customer invests in a fixed deposit when he deposits his money with a bank in exchange for interest for a predetermined period. Fixed deposits can often be for One Month, Three Months, 6 Months and 1 year. In return for fixing your money with the bank for a fixed period, the interest paid on fixed deposits is always higher than the interest that the bank pays on a regular deposit.

See more on characteristics and Treasury bills features:

So many people have been a victim of this type of transaction where clone cheque is been issued to them for cash. Cheque Fraud is one of the oldest types of financial crime in the banking sector. Even in our computer and internet technology era, many still prefer to pay by cheque or bankers draft depending on the amount involved.

I will show you some guidelines of necessary precaution you should take before you receive or send a cheque.

This post came to my knowledge when I went to GTBank on Thursday to collect a new ATM card since my previous card had expired. I saw an old friend standing in the queue and we greeted and I asked him what was his complaint and he told me he want to link his BVN to his account and he has been standing here for about 45minutes. I quickly set aside to meet with a customer care asked of this ways and posted on my blog and I told him that when next he will have a banking challenge he should visit this blog for more details. this post has reduced the hours or time wasted on queue just because you want to link your BVN to your account.

see the ways below:

$1000 Daily limit.

GTe savers account.

What is a banker’s draft?

You usually need to give your bank 24 hours notice to prepare a banker’s draft and they will probably charge for the service.

A banker’s draft is otherwise called bank draft or banker’s cheque, is a process of instructing your financial institution to write a cheque for you by giving them details that will be included in your request and you give them your money and they give you a banker’s cheque for that amount to give to the person you’re paying.
Banker’ cheque does not bounce or get dishonored because of a lack of funds.

How long does a banker’s draft take to clear?

Are you Worried about giving out your credit or debit card details online? There is another option – an e-money account from a payment company like PayPal or Google Checkout. follow the guidelines below and you are good to go.

How does an e-payment account work?

This has been a lot of concern for so many customers who has an account and has been unable to do a change of name due to the stress and requirement involve, this post will guide you on how to reduce stress and achieve more results. Change of name does not happen all the time and when there is a reason to make changes to our name, it is good practice to effect the changes in all our official documents including our bank account.

Below are the steps to be taken for a Nigerian bank customer who is abroad to successfully do a change of name in his or her bank account:

A point of sale terminal (POS terminal) is an electronic device used to process card payments at any retail locations which have the facilities to process. it is convenient and allow you do a transaction at any amount with your card without collecting change.

How to get a POS Terminal for your business in Nigeria

The answer is NO.

This has been many challenges to customers who don’t have an id card but want to operate an account with any of the banks. The following below are banks listed who offer such services. If your bank is not listed, kindly send me a mail to admin@naijabanking.com

See banks below that offers such type of account:

yes, please!!!

International payments are money sent abroad or received abroad from either a family or friends, Before you can receive an international payment, you’ll need to provide the sender with some details, including:

Your International Bank Account Number (IBAN) –
Barclays SWIFTBIC (Bank Identifier Code). For Barclays UK, this code is BARCGB22
Your sort code
Account number
Your full name
Your address
The amount and the currency you’d like to receive the payment in.

How do I send money abroad?

Diamond Magic Cash* is a card-less service that empowers you to use Diamond ATMs without your debit card.

[b]How It Works:

Register for this service at any of Diamond Bank branches or call Diamond Contact Centre on 0700-300-0000
Text ATM to 30811 from the registered mobile number maintained on your account to generate a six digit magic code
Go to any Diamond Bank ATM and select the Magic Cash option
Enter your registered mobile number with prefix +234
Enter the six digit Magic Code you received on your registered mobile number
Create and confirm your Magic PIN (4 digits) and proceed to transact (you will need to create the Magic PIN during the first transaction alone as you will only have to key it in for subsequent transactions).

Follow the steps below to perform a Magic Cash Transfer transaction from a Diamond Bank ATM:

Fraud is described as a poisonous sweet food which those who eat it do not consider the poison which is the negative consequence but only focus on the food which is the benefit of the fraud and the sweetness which is the proceeds not labored for.
Fraud is an act of deception or intentional omission or perversion of truth to gain an unlawful or unfair advantage, induce another to part with some valuable item or surrender a legal right in some manners.

Reasons why people commit Fraud:

Most customers and bankers find it difficult to differentiate this cards but this post has come to your rescue. Unlike a debit card, a prepaid card is not linked to a bank account. Generally, when you use a prepaid card, you are spending funds or the money that you have already loaded onto the card.
See more differences between prepaid cards, credit cards, and debit cards.

FIRS means the federal inland revenue service. This is the organization responsible for the administration, assessment nd collection of taxes on behalf of the federal government. FIRS partners with banks to assist in the collection and onward remittance of taxes to its account with CBN.

See more on Who pays FIRS Taxes?How often are taxes paid?

Ria is an international money transfer service. With Ria, funds can be transferred directly to the recipient’s account or any account specified by the sender.

To view Features and Requirements on how to transfer Via Ria

Bank alerts are transaction notifications or messages banks send to their customers to inform them whenever there is any activity on their bank accounts. Basically, there are two types of bank alert, namely: SMS alert and email alert.
The SMS alert is a notification message sent to your mobile number to notify you when a transaction occurs in your account. while the Email alert is also a message sent for any transaction process from the bank to your email address listed in your account.

How to register for a bank alert: