The Bank Verification Number (BVN) was introduced by banks in Nigeria to help protect customers from identity theft and fraud. Luno ties in with this system to provide a better service to our customers in Nigeria.
As a financial services provider, Luno requires that all our Nigerian customers provide us with their BVN when upgrading their Luno accounts to buy Bitcoin. This will help us provide better security on the Luno platform and provide a more efficient service to you.
Your BVN will help us protect you from identity theft, improve service delivery speeds and help restore access to your Luno account in the event that you lose your login details.
With your BVN, Luno will NOT be able to access your bank account or your financial information.
Luno stores all your personal information, including your BVN in a secure, encrypted form and we will not share this information with anybody.
For more detailed information on the BVN system, its purpose and its benefits, please see http://www.vfsglobal.com/bvn/nigeria/frequently-asked-questions.html