Are you trying to open an account with Polaris Bank without a BVN (Bank Verification Number)? I’m happy to tell you that you’ve come to the right place! For your convenience, here is a simple, step-by-step guide to help you get started.
Takeaway: What you need to know
The process of opening a Polaris Bank account without a BVN is straightforward and will give you access to all the basic banking services you need. As a result, in the future, it may be advisable for you to obtain and link a BVN in order to have full access and fewer restrictions.
Why is BVN important?
The BVN is a biometric identification system introduced by the Central Bank of Nigeria to curb fraud and enhance the security of banking transactions. While it’s a mandatory requirement for most banking services, you can still open an account without it, although with certain limitations.
Requirements for Opening a Polaris Bank Account Without BVN
To open an account without a BVN, you’ll need the following:
- Proof of Identification: This could be a National Identity Card, International Passport, or Driver’s License.
- Proof of Address: Documents like a utility bill, tenancy agreement, or any official document confirming your residential address.
- Recent Passport Photograph: A current passport-sized photo.
How to Open a Polaris Bank Account Without BVN
Using USSD Code
- Open your phone‘s call app.
- Dial *833#.
- Select the option to open an account.
- Choose the option to open an account without BVN.
- Follow the on-screen instructions.
- Your new account number will be sent to you via SMS.
Using Polaris Mobile App
- Download the Polaris Bank mobile app from the Google Play Store.
- Install and launch the app.
- Click on ‘Sign Up’ and then ‘Open Account’.
- When asked about BVN, select the option indicating you don’t have one.
- Enter your details (full name, email address, etc.).
- Confirm your information.
- Your new account number will be displayed on the screen.
Visiting a Branch
- Visit any Polaris Bank branch.
- Request assistance to open an account without a BVN.
- Provide the necessary documents.
- Follow the instructions given by the bank representative.
Limitations of an Account Without BVN
- Transaction Limits: Lower transaction limits compared to BVN-linked accounts.
- Limited Services: restricted access to some banking services, like online and mobile banking.
- Future BVN Requirement: You may need to link a BVN for enhanced services as regulations evolve.
Getting a BVN Later
If you decide to obtain a BVN later, visit a designated BVN enrollment center. Once you have your BVN, you can link it to your existing Polaris Bank account to access additional services and remove limitations.
Frequently Asked Questions
- Can I Open a Polaris Bank Account Without a BVN? Yes, you can open a basic account without a BVN, but linking a BVN later is recommended for full access to banking services.
- What Are the Limitations of Not Having a BVN? Without a BVN, you’ll have limited access to certain features and restricted transaction amounts.
- How Can I Link My BVN to My New Polaris Bank Account? Visit a Polaris Bank branch or use the mobile app to link your BBN.
- Can I Receive Money Into an Account Without BVN? Yes, you can receive money, but there will be restrictions on the account balance and the amount you can withdraw or transfer.
- Is it Possible to Upgrade My Account Without a BVN? No, upgrading to higher-tier accounts requires a BVN for identity verification.
Conclusion
While the BVN is crucial for full banking functionality in Nigeria, opening a Polaris Bank account without one is possible. This allows you to start banking immediately, with the option to link a BVN later for broader services and fewer restrictions.
If you have any questions or need further assistance, leave a comment below, and we’ll be happy to help!
