The Bank Verification Number was introduced in 2014 as a way to reduce fraud and improve credit tracking. Most regulated lenders now require it before approving any loan. But a handful of apps take a different approach, either using alternative data or working with smaller amounts that fall below the level requiring strict identity checks.
Here is what we found after looking at the main options currently available in Nigeria.
Migo (formerly Mines.io)
Migo is the most accessible option for Nigerians without BVN. The service works via USSD (*561# on MTN and *904# on Airtel), so you do not need a smartphone, an internet connection, or a BVN. Migo evaluates your mobile phone usage data to set a credit limit, and funds go directly to your registered mobile number or bank account.
Loan amounts start from ₦500 and go up to around ₦500,000 for long-standing customers. Migo charges a flat fee per loan, disclosed upfront before you accept. The model is straightforward and the disbursement is instant.
OPay
OPay operates as a mobile money provider and payment platform. Its loan product, available through the OPay app, uses your OPay wallet activity as the primary credit signal. New users can access small amounts without full BVN verification, though higher limits typically require it.
FairMoney
FairMoney scores your application using your phone's financial data, including banking apps installed, airtime purchase patterns, and bank statement data accessed with your consent. BVN is requested but some users have reported approvals with incomplete profiles, particularly at lower loan amounts.
What to watch out for
The category of loans without BVN attracts both legitimate lenders and predatory operators. Some apps advertise this feature to appeal to borrowers with poor credit histories, then charge rollover fees and penalties that make the effective cost much higher than the stated rate.
Before installing any loan app, confirm it is listed on the FCCPC register of licensed digital lenders or holds a CBN microfinance banking licence. Unlicensed operators can access your contacts and phone data in ways that licensed lenders cannot.
Is it worth getting a loan without BVN?
If you genuinely do not have a BVN and need a small amount urgently, Migo via USSD is the most practical option. If you have a BVN but prefer not to share it, consider whether the higher rates from no-BVN products are worth the trade-off versus a regular loan from a CBN-licensed provider.