Why Ratefy Asks for Your BVN And Why You Have Nothing to Fear

When signing up to Ratefy as a verified user, one of the steps you'll encounter is BVN verification. For some users, this raises concerns like

“Why do they need my BVN?”

“Is this safe?”

“Can they access my money?”

These are valid questions, especially in today’s world where privacy and financial security are top priorities. So let’s walk you through why Ratefy asks for your BVN, what it’s used for, and most importantly, why you have nothing to fear.

1. It’s Legally Required For The Creation Of Naira Wallet 

The primary reason we ask for your BVN is that it is required by law. In Nigeria, for a Naira bank account to be issued or operated,  such as the Naira wallet we generate for users on Ratefy, your BVN must be submitted. Our banking partners cannot open or link accounts without it.

So, even if we didn’t want to request BVN, we legally have no option.

2. BVN Helps Us  Confirm Who You Say You Are

Ratefy is an online marketplace. That means real people are buying and selling to each other. To ensure that buyers and sellers aren’t dealing with fake or anonymous accounts, we need to confirm that everyone on the platform is a real and verified person. So we can:

• Prevent duplicate or fake accounts
• Reduce fraud and impersonation
• Protect other users from scammers
• Keep our marketplace safe and credible

3. BVN = Identity Verification, Not Account Access

Your BVN (Bank Verification Number) is not your bank account number, and it does not give anyone access to your money.

It simply helps us confirm your identity, name, date of birth, and bank-linked details  

And you have nothing to fear as regards the security of your data because we are NDPR Audit Compliant, which means our handling of your data is certified safe by the Nigerian Data Protection Commission.

You Don’t Have to Fear BVN Requests

The BVN requirement isn’t a random formality; it is a legal requirement for Naira wallet creation and, secondarily, for identity verification, not to access your bank account. 

Still unsure? Feel free to reach out to our support team. We're always happy to answer your questions.

TL;DR

• We ask for BVN because it’s legally required to help create bank accounts useful for your wallet funding and withdrawal
• We ask for BVN as a secondary means of verifying your identity, and also to protect the community
• We cannot access your money with your BVN.
• Your information is secure and encrypted
• BVN verification is one of the ways we prevent fraud  and keep trades safe