The Central Bank of Nigeria (CBN) has made it mandatory for all financial institutions, including loan apps, to obtain and verify the BVN of their customers.
The BVN is a unique identifier that helps to prevent fraud, identity theft, and other forms of financial crimes. It is also used to track credit history and ensure that individuals do not have multiple loans from different lenders that they are unable to repay.
Does Okash need BVN?
Yes, Okash loan app requires customers to provide their Bank Verification Number (BVN) before they can access loans. This is because the Central Bank of Nigeria (CBN) has made it mandatory for all financial institutions, including loan apps, to obtain and verify the BVN of their customers.
The BVN is used to track credit history, prevent fraud, and ensure that individuals do not have multiple loans from different lenders that they are unable to repay.
Therefore, Okash and other loan apps in Nigeria require customers to provide their BVN as part of the loan application process.
How do I stop loan app from accessing my contacts?
If you have granted permission to a loan app to access your contacts and you no longer want the app to have access, you can revoke the permission in your phone’s settings. Here’s how to do it on an Android device:
1. Go to the “Settings” app on your phone.
2. Scroll down and tap on “Apps” or “Applications” (depending on your phone).
