Open Polaris Bank Account Without BVN in 2024 [Steps]

Are you trying to open a Polaris Bank account without a BVN (Bank Verification Number)? You're in the right place! Here's a simple, step-by-step guide to help you get started.

Key Takeaway

Opening a Polaris Bank account without a BVN is straightforward and provides access to basic banking services. However, for full access and fewer restrictions, obtaining and linking a BVN in the future is advisable.

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:

1. Proof of Identification: This could be a National Identity Card, International Passport, or Driver's License.
2. Proof of Address: Documents like a utility bill, tenancy agreement, or any official document confirming your residential address.
3. Recent Passport Photograph: A current passport-sized photo.

How to Open a Polaris Bank Account Without BVN

Using USSD Code

1. Open your phone's call app.
2. Dial *833#.
3. Select the option to open an account.
4. Choose the option to open an account without BVN.
5. Follow the on-screen instructions.
6. Your new account number will be sent to you via SMS.

Using Polaris Mobile App

1. Download the Polaris Bank mobile app from Google Play Store.
2. Install and launch the app.
3. Click on ‘Sign Up' and then ‘Open Account'.
4. When asked about BVN, select the option indicating you don't have one.
5. Enter your details (full name, email address, etc.).
6. Confirm your information.
7. Your new account number will be displayed on the screen.

Visiting a Branch

1. Visit any Polaris Bank branch.
2. Request assistance to open an account without a BVN.
3. Provide the necessary documents.
4. Follow the instructions given by the bank representative.

Limitations of an Account Without BVN

1. Transaction Limits: Lower transaction limits compared to BVN-linked accounts.
2. Limited Services: restricted access to some banking services, like online and mobile banking.
3. 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

1. 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.
2. What Are the Limitations of Not Having a BVN? Without a BVN, you'll have limited access to certain features and restricted transaction amounts.
3. 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 BVN.
4. 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.
5. 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!