How to Open Polaris Bank Account Without BVN: Are you looking for how you can open Polaris Bank account without BVN (Bank Verification Number)? If yes, then you are on the right page!
Polaris Bank is a trusted financial institution that offers various banking services to its customers. One of the essential requirements for opening a bank account in Nigeria is the Bank Verification Number (BVN), a biometric identification system introduced by the Central Bank of Nigeria (CBN). However, some individuals might wonder if it’s possible to open Polaris Bank account without a BVN or not.
In this article, we’ll explore the steps and options for opening Polaris Bank account without a BVN. So, stay with me and keep up!
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Importance of BVN (Bank Verification Number)
The BVN is a unique identification number linked to an individual’s biometric data, such as fingerprints and facial features. It serves as a security measure to verify the identity of bank customers and prevent fraud. While the BVN is a mandatory requirement for most banking transactions in Nigeria, there are exceptions and alternatives for those without BVNs.
Requirements for Opening Polaris Bank account Without BVN
To open Polaris Bank account without a BVN, you’ll need to meet specific requirements and follow a set of procedures. Here’s what you’ll typically need:
- You’ll need a valid proof of identification, such as a National Identity Card, International Passport, or Driver’s License. These documents help establish your identity in the absence of a BVN.
- Proof of Address: Provide a utility bill, tenancy agreement, or any official document that confirms your residential address. This is a standard requirement for account opening.
- Recent Passport Photograph
Okay, now let’s move on to how you can open Polaris Bank account without BVN.
How to Open Polaris Bank Account Without BVN
Once you’ve gathered the necessary documents and completed the account opening form, follow these steps to create Polaris Bank account without a BVN:
The code to open Polaris Bank Account without BVN is *833#.
- Open the call app on your mobile phone
- Dial *833#
- Choose the option which is to open account
- Choose the option to open account without BVN
- Follow the on-screen command
- Once you are done, your Polaris Bank Account Number will be sent to you as SMS.
How to Open Polaris Bank Account Without BVN Using Polaris Mobile App
To open Polaris Bank Account Without BVN using Polaris Bank Mobile App, follow the steps below:
- Visit the Google Play Store to download the Polaris Bank mobile app
- Install and launch the app
- Click on sign up
- Click on Open account
- You will be asked if you have BVN or not and since you don’t have one, you know the option to choose
- Then, you will asked to enter your details like Full name, email address, etc.
- Once you are done, click on confirm
- And that is it. Your account number will be displayed on the screen.
Limitations of an Account Without BVN
It’s important to note that an account opened without a BVN may have certain limitations:
- Transaction Limits: Accounts without BVNs may have lower transaction limits compared to BVN-linked accounts. This means you might face restrictions on the amount you can withdraw or transfer.
- Limited Services: Some banking services and features may not be accessible to accounts without BVNs. For example, you may not be able to access online banking or use mobile banking apps.
- BVN Requirement in the Future: Banks in Nigeria are increasingly enforcing BVN requirements for various transactions. While you can open an account without a BVN, you may encounter limitations when it comes to more advanced banking services or transactions.
Obtaining a BVN Later
If you initially open Polaris Bank account without a BVN and later decide to obtain one, you can visit a designated BVN enrollment center to complete the registration process (e.g Bank). Once you have a BVN, you can link it to your existing Polaris Bank account to access additional services and remove some limitations.
Frequently Asked Questions
Can I Open a Polaris Bank Account Without a BVN?
Yes, you can initially open a Polaris Bank account without a Bank Verification Number (BVN), especially for the basic tier of accounts. However, you will be required to link a BVN to enjoy full banking services.
What are the Limitations of Not Having a BVN with My Polaris Bank Account?
Without a BVN, you will have limited access to certain banking features. For instance, your account balance and withdrawal limits may be restricted, and you may not be able to access online and mobile banking services.
How Can I Link My BVN to My New Polaris Bank Account?
If you already have a BVN from another bank, you can easily link it to your new Polaris Bank account by visiting the nearest branch or using the mobile app. Some branches may also offer BVN enrollment services if you don’t have one yet.
Can I Receive Money Into an Account Without BVN?
Yes, you can receive money into your Polaris Bank account without a BVN, 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, you cannot upgrade your account to higher tiers without a BVN. The BVN is necessary for identity verification and is a regulatory requirement for higher-tier accounts.
While having a BVN is a standard requirement for most banking transactions in Nigeria, it is possible to open Polaris Bank account without one. By meeting the specified requirements, providing the necessary documents, and following the account opening process, you can establish an account with Polaris Bank.
Keep in mind that accounts without BVNs may have limitations on transaction amounts and available services. As banking practices evolve, it’s advisable to consider obtaining a BVN in the future to access a broader range of banking services and benefits.
Opening Polaris Bank account without a BVN provides an opportunity for individuals who have not yet obtained this identification number to start their banking journey with a trusted financial institution.
If you have any questions regarding this post simply leave us a comment in the comment box below and we will get back to you as soon as possible!
My name is Tiamiyu Abdulbazeet Olawale, the CEO of TechSpike.com.ng. He is a graduate of Electrical and Electronics Engineering at the University of Ilorin.