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Nigeria – Why does Luno require my BVN/bank verification number?

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This is the ultimate guide on why luno requies your BVN, Bank verification number if you want to buy or sell cryptocurrency on the marketing playform.
 
This new guide will also cover how to verify identity on luno step by step.

We’ll also attempt to proffer answers to the follow frequently asked luno questions:

> Can Luno be trusted?

> How long does Luno verification take?

> Does Luno work in Nigeria?

> How do I change my mobile number on Luno?

According to Wikipedia, LUNO is a bitcoin-related company headquartered in London Luno facilitates bitcoin storage and transactions such as buying, selling and paying through their bitcoin wallet services. They also operate exchanges between traditional currencies and bitcoin.

Luno was founded since 2013 and at the moment has over 3.5 million users.

The luno interface is very simple to navigate through. However, to start using luno for any transaction, you’ll need to signup an account.

How To Register Luno Account

The process involved in how to create luno account is very simple and easy. See how to below:

  1. Type www luno com in your browser and click on the search button to proceed to the luno official webpage
  2.  Next, go to the top right corner of the page and click Sign Up
  3. Enter your email address and password. Bear in mind that your password will need to contain 1 upper case, 1 number and 1 symbol and must be atleast 8.
  4. Finally, click signup

Now, proceed to the email address and click on the verification link sent by luno to verify your identity.

Note that you can also sign up a luno account using your facebook credentials or your google account. 

To signup account on luno via your facebook or google account, when you click on the sign up button, scroll down to the bottom of the popup and click google or facebook and wait for the account to be sitted up.

Bear in mind that you’ll need to allow luno to access your information if you’re signing up an account using your facebook or google account.

That is how to sign up luno account step by step.

Can Luno be trusted?

Yes! Luno can be trusted. The platform has strong support center that response fast to customers such that if you experience any challenge, it will be attended to fast.

How long does Luno verification take?

Luno verification doesn’t take much time. Once you supply all the needed documents, you’ll be verified immediately.

However, depending on your verification level, you may be required to provide extra documentation.

Does Luno work in Nigeria?

Yes! Luno works very well in Nigeria. Interestingly, just like other countries that can access the luno platform, Nigerian can also use the luno platform to buy and sell luno bitcoin and other cryptocurrencies that are available on the platform.

However, if you wish to use luno from Nigeria, you’ll need to verify your BVN, that is your bank verification number before you can make any transaction.

Nigeria – Why does Luno require my BVN/bank verification number? Recently, a friend of mine asked me the foregoing question while he was trying to signup an account with Luno.
 
I could recall vividly how he put his statement during our conversation on phone; Mike, are you sure they won’t tamper with my money. 
Nigeria - Why does Luno require my BVN / bank verification number?
Well, just like my friend, a lot of us are still asking this same question. Tust me, once you reach that stage while signing your Luno account, you must purse and asked whoever recommended you to Luno the same question.

But, in order to clear this issue or challenge, we’ve decided to prepare this post for you and your friends. The reason why Luno is asking you for your BVN shall be outlined in the course of this post for you. So continue reading…

 
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 their customers in Nigeria. 
  
Why does Luno need my BVN? 
As a financial services provider, Luno requires that all their Nigerian customers provide us with their BVN when upgrading their Luno accounts to buy digital currency. This will help Luno provides better security on the Luno platform and provide a more efficient service to you. 
  
For what will Luno use my BVN? 
Your BVN will help Luno 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. 
  
Is it dangerous to share my BVN with Luno? 
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. 
  
Where can I find more information? 
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

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How do I change my mobile number on Luno?

To change your mobile phone number on luno, login your account and then do the following:

  1. Click Profile at the top right corner of the page
  2. Scroll down to Settings and click Change Settings
  3. Next, click Mobile Number
  4.  Click the three vertical dots icon
  5. Click Change from the popup
  6. Enter your name mobile number and click next

That is it on Nigeria – Why does Luno require my BVN/bank verification number?

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