How to remove your BVN from blacklisted list in Nigeria.
For your Bank Verification Number(BVN) to be blacklisted in Nigeria is a big issue. It is not something you should take for granted. So if your BVN is on the blacklisted list in Nigeria, it is important you find way to remove it. Luckily it is possible to remove your BVN from blacklisted list. And the process is not a difficult one either.
But first what does it mean for one’s BVN to be blacklisted and what are the implications?
Implications of One’s BVN Been Blacklisted in Nigeria
If your Bank Verification Number (BVN) has been blacklisted it means that you will have limited access to financial services in the country. For example, no bank will give you any form of loan. The amount of money you can withdraw per time even from your own account will be limited. Your reference for anyone who wants to open an account will fail the confirmation test.
In some extreme cases it can even lead to your accounts been frozen. In such circumstance you will not be able to access whatever money you have in your account. And the dangerous thing about BVN issue is that it affects all your accounts across different banks. So none of the accounts will be spared.
What Could Lead to One’s BVN Been Blacklisted?
The common misconception is that one’s BVN can only be blacklisted if he/she is a loan defaulter. But that is at best half truth. Though it can be a reason, but it is just one of many reasons one’s BVN can be blacklisted in Nigeria. And since there are some other reasons one’s BVN can be blacklisted I always advocate that each person should know his/her status. Yes, it is important you know if your BVN is blacklisted or not.
So, apart from been a loan defaulter other reasons that could be responsible for one’s BVN Been blacklisted are been a guarantor for someone who fails to pay his/her loan within a given time. Others are been involved in illegal financial transactions.
Once again I advise that you don’t get into any costly assumptions here. Yes, it will be costly to just assume that yours is not on the blacklisted list. Go and verify and be sure. But the good news is that even if your BVN is on the blacklisted list there is a way to remove it. To find out how to remove your BVN from the blacklisted list is what remainingpart of this post is all about. So keep reading to understand the easy process to remove your BVN from the blacklisted list in Nigeria.
How to Remove your BVN from the Blacklisted List
So, I said the there is a way to remove your BVN from the blacklisted list in Nigeria and the question you should be asking is ‘how’. So I will share the ‘how’ with you right away. Having your BVN blacklisted is like been convicted for a crime and removing it is like been discharged and acquitted. You become a free man or woman. And you can carry out transactions free without any fears nor restrictions.
So here is how to remove your BVN from the blacklisted list in Nigeria:
1. Pay your Debt
I guess this is very easy to guess. Since the commonest reason peoples’ BVN get blacklisted is because of debt, it only make sense that the easiest way to clear one’s name is to pay up one’s debt.
So whether it is a commercial bank that you are owing or any of the loan apps or even other registered businesses, all you have to do is approach them and pay up.
And if the amount you’re owing is too large to pay once, you can enter into an agreement with them to negotiate a repayment plan. Yes, all creditors are very open to a repayment plan. Once your repayment plan has been approved, you can appeal to them to write a letter to the credit bureaus or CBN exonerating you of the debt. Once the letter has been sent and approved, they will remove BVN number from the blacklisted list.
FYI: The creditor is under NO obligation to write such a letter, hence, be sure to include it as a part of your negotiations for repayment plan. Let it be an appeal yet persuasive enough to make them oblige you.
2. Seek Debt Counselling
Another way to remove your BVN from the blacklisted list is by seeking professional debt counseling. The problem with most Nigerians is that there are lots of professional services they despise. They feel such services are not worth paying for. But these are services that could potentially save one’s life.
So debt counseling and consolidation is a means of settling your outstanding debts that you cannot pay immediately. However, ensure that you make use of a reliable and established company when embarking on debt counseling. Check the company’s profile and track record before approaching them.
Once your debts have been consolidated, keep track of them, and ensure they’ve been paid. This procedure can take a long period of time, but your debts will eventually be paid. After the debt has been paid off completely, you can request your creditors to write a letter to the credit bureaus or Central Bank of Nigeria absorbing all debt obligations. And that will include to remove your BVN from the blacklisted list.
Conclusion
So having your BVN blacklisted is not a death sentence. If you can, avoid whatever it is that could make yours to be blacklisted. But if for any reason it is blacklisted already or if it happens in the future just know that there is a way out.
You can get the authorities to remove your BVN from the blacklisted list in Nigeria even when you currently don’t have the money to pay by either negotiating a repayment plan or going for debt counseling.
FYI: Both processes explained above applies whether you are the direct debtor or a guarantor for another loan defaulter.
Also Read:
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CBN Approved Payday Loan Companies to Save You When Broke
List of Fake Loan Apps in Nigeria and Why You Should Avoid Them