Can Sparkle Bank Function in Nigeria Without a BVN? – In Nigeria having a Bank Verification Number (BVN) is often a requirement for opening a bank account. However not everyone has a BVN for reasons. I remember some years ago, when CBN began this BVN regulation, we had to queue in bank for hours to have get a personal BVN.
This can be a challenge for individuals who need access to banking services. Luckily there is a bank called Sparkle Bank that allows you to open an account even without a BVN.
In this article we will explore how Sparkle Bank works without requiring a BVN the range of services it offers the process of upgrading to a BVN linked account as the advantages and limitations of using Sparkle Bank without a BVN.
If you’re interested in opening a bank account in Nigeria but don’t have a BVN yet keep reading to learn how Sparkle Bank can support you on your journey.
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Understanding the Significance of BVNs
Before we dive into how Sparkle Bank operates without relying on the use of BVNs it’s important to grasp why the Bank Verification Number is crucial.
The BVN is an identification system introduced by the Central Bank of Nigeria (CBN) with the aim of combating fraud and increasing security in banking transactions. It associates an individuals data such as fingerprints and facial recognition, with their bank accounts.
This special code serves the purpose of preventing identity theft maintaining the trustworthiness of bank customers and enabling banking operations.
Introducing Sparkle Bank
Sparkle Bank is a bank that commenced operations, in Nigeria in 2020. It holds a license from the Central Bank of Nigeria (CBN). Offers a wide range of banking services, such as opening accounts, money transfers, bill payments and access to loans.
A notable feature that sets Sparkle Bank apart is its ability to allow customers to open accounts without the need for a BVN (Bank Verification Number) making it an appealing choice for individuals who’re new to Nigeria or don’t possess a BVN due to reasons.
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Opening an Account with Sparkle Bank without a BVN
The process of opening an account with Sparkle Bank without a BVN is quite straightforward. Here are the steps you need to follow;
Step 1. Download the Sparkle app
Start by downloading the Sparkle app from the Google Play Store. This app serves as your gateway to accessing all of Sparkle Banks services.
Step 2. Create an account
Once you have installed the app create your account by providing details such, as your name, email address and phone number.
After you have successfully finished these steps and your account has been approved you will be able to utilize it for a variety of transactions.
Step 3. Verification of Identity
To ensure transactions Sparkle Bank employs an reliable identity verification process. As part of this process you will be prompted to take a selfie in order to verify your identity.
Step 4. Personal information
Provide your details, including your date of birth, address and occupation.
Step 5. Security Test
To ensure the security of your account please set up a PIN code and password as the step. These security measures are crucial, for protecting your account.
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Limitations of Using Sparkle Bank Account without BVN
While having a Sparkle Bank account, without a BVN allows you to access banking services it does have limitations. Here are some important points to consider;
- Transaction Limits – Accounts without a BVN usually have transaction limits. For example you may be restricted to a total of ₦50,000 worth of transactions per day.
- ATM Withdrawal Limit – The maximum amount you can withdraw from ATMs in a day is often capped at ₦10,000 for accounts.
- Loan Eligibility -If your Sparkle Bank account doesn’t have a BVN associated with it you won’t be able to apply for loans until you upgrade your account and link it to your BVN.
Upgrading Your Sparkle Bank Account to a BVN Linked Account
To enjoy the range of banking services and remove the limitations that come with having an account without a BVN you can choose to upgrade your Sparkle Bank account. Here’s what you need to do;
- Visit a Nearby Sparkle Bank Branch – Locate a Sparkle Bank branch near you and visit in person.
- Provide Your BVN – During your visit, to the branch provide your BVN details to the bank.
- Complete Necessary Documentation – You might need to fill out some forms or paperwork as part of the upgrade process.
Once your account has been upgraded to a BVN linked account you won’t have to worry about transaction limits. You’ll also gain the flexibility to apply for loans, which will greatly improve your banking experience.
Can Sparkle Bank Function in Nigeria Without a BVN?
Accessing Loans with Sparkle Bank
One of the standout features that sets Sparkle Bank apart is its loan offering. Lets take a look at how you can access loans through Sparkle Bank;
To apply for a loan from Sparkle Bank simply follow these steps;
- Visit the website of Sparkle Bank – Start by going to the website of Sparkle Bank and navigate to the “Loans” section.
- Initiate Loan Application – Click on the “Apply for a Loan” button to begin the loan application process.
- Fill out the Application Form – Provide all the details and information in the loan application form.
- Submit Required Documents – You might need to submit documents such, as your business registration certificate and financial statements.
- Submit Your Application – Once you have completed your application submit it for review.
After your application has been reviewed you will receive feedback regarding its status. If approved you will proceed to sign a loan agreement. The funds will be promptly deposited into your Sparkle Bank account.
Using Sparkle Banks USSD Code
Sparkle Bank offers a code (*833#) that allows you to access your bank account and carry out transactions using your mobile phone.
This feature is especially beneficial, for people with schedules who prefer an convenient banking experience. Here’s a simple guide on how to utilize the USSD code provided by Sparkle Bank;
- Dial *833# – Use your phone to dial *833# and access the menu for Sparkle Banks services.
- Choose your transaction – Once you’re, in the menu select the transaction you want to carry out.
Can Sparkle Bank Function in Nigeria Without a BVN?
