Cowrywise is a leading financial management platform in Nigeria that provides services like savings and investments. While linking your BVN provides convenience, it also exposes your financial data.
This guide will show you how to remove your BVN from Cowrywise in just a few easy steps.
We’ll cover the following topics:
- Why Cowrywise Requires BVN
- Step-by-Step Guide to Removing BVN
- Managing Cowrywise Without BVN
- Extra Privacy Precautions
- FAQs About Removing BVN
By the end, you’ll know exactly how to delete your BVN from Cowrywise while still using their services securely. Let’s get started!
Introduction
Cowrywise allows users to automate their finances, invest in securities and save for goals. To provide these services, Cowrywise requires new users to input their Bank Verification Number (BVN) during signup.
Linking your BVN gives Cowrywise access to extensive personal and financial data including:
- Full legal name
- Date of birth
- Residential address
- Phone number
- Linked bank accounts
- Account balances
- Credit history
While this is convenient for quickly setting up your Cowrywise account, it also poses huge risks to your financial privacy.
Thankfully, it is possible to remove your BVN from Cowrywise later by following a few simple steps which we’ll cover in detail in this guide.
Why Does Cowrywise Require BVN?
Here are the key reasons why Cowrywise collects users’ BVN:
- Verification – Confirms your identity and eligibility to use their services.
- Account access – Allows direct access to your bank accounts to automate savings & invest.
- Credit check – Checks account balances and credit status to offer loans.
- Financial insights – Aggregates your financial data from multiple sources.
- Targeted recommendations – Uses your personalized data to suggest suitable investment products.
- Fraud prevention – Screens for fraudulent users or money laundering risks.
- Compliance – Adheres to Know Your Customer (KYC) regulations for financial institutions.
While Cowrywise provides justification for requesting your BVN, it still exposes all your financial information to cyber risks. That’s why you may want to delete your BVN from Cowrywise at some point.
Step-by-Step Guide to Removing BVN from Cowrywise
Deleting your BVN from the Cowrywise platform can be done in just a few quick steps:
1. Login to Your Cowrywise Account
First, access your Cowrywise account online or via the mobile app. Sign in using your registered email and password.
2. Go to Profile Settings
Click on your profile icon and select ‘Settings’ to access account settings.
3. Locate the BVN Field
Scroll down and look for the ‘BVN’ field under the Personal Information section.
4. Delete the BVN
Click on the trash icon next to the BVN field. Then confirm deletion when prompted.
5. Log Out and Back In
Logout and login again to ensure BVN removal is saved. Check your profile to confirm your BVN no longer appears.
And that’s all there is to it! Just 5 quick and easy steps to remove your BVN from Cowrywise. Now let’s look at how to use their services without BVN.
Managing Your Cowrywise Account Without BVN
Here are some tips for using Cowrywise after removing your BVN:
- You can still use features like budgeting, though automation is limited.
- Investments are still possible but deposit options without BVN may be restricted.
- Cowrywise savings can continue, but you’ll have to manually transfer funds.
- You can take out loans after providing alternate IDs and income proof.
- Turn on account activity notifications and monitor closely for unauthorized access.
- Use strong, unique passwords and enable two-factor authentication (2FA).
- Avoid accessing Cowrywise from public WiFi or shared devices.
While it takes a bit more effort, you can continue using Cowrywise services with reasonable privacy by removing your BVN and taking security precautions.
Extra Privacy Precautions for Cowrywise Without BVN
Here are some additional tips to boost privacy when using Cowrywise without your BVN:
- Use a separate email just for your Cowrywise account.
- Turn off GPS location tracking permissions for the Cowrywise app.
- Create a complex password that’s unique from your other accounts.
- Set up app lock or face/fingerprint ID to access your Cowrywise app.
- Enable VPN when using Cowrywise on public WiFi to encrypt traffic.
- Monitor your credit report regularly for any unauthorized activity.
- Avoid clicking suspicious links in emails pretending to be from Cowrywise.
- Only access Cowrywise through their official website or app store.
Taking these extra steps will help prevent account hacks, financial fraud, and other risks associated with fintech apps.
Frequently Asked Questions About Removing BVN from Cowrywise
Let’s look at some common questions about deleting BVN from Cowrywise:
Is it risky to use Cowrywise without BVN?
There are minor privacy risks but enabling security features like 2FA mitigates them. Many overseas users invest on Cowrywise without BVN.
Can I withdraw my funds after removing BVN?
Yes, you can still withdraw your funds after deleting BVN. Just follow the standard withdrawal process.
Does Cowrywise delete my account if I remove BVN?
No, Cowrywise will not delete your account. You can continue using it after providing alternate IDs for verification.
How long does it take to remove BVN from Cowrywise?
Removing BVN from Cowrywise takes effect instantly. Just delete it and re-login to confirm.
What are the alternatives to verify without BVN?
You can use National ID, passport, or Proof of Address to verify Cowrywise without BVN. Multiple IDs may be required.
Can I regain access to my deleted BVN?
Unfortunately, once your BVN is removed from Cowrywise, there is no way to recover it. You would have to add it again and re-verify.
Does delinking BVN also remove bank account links?
Yes, removing BVN will also delink any connected bank accounts. You’ll have to manually reconnect them.
Do I need BVN for other financial apps like PiggyVest, Rise?
Most financial apps in Nigeria require BVN during signup. But you can later remove it through profile settings.
Conclusion
We recommend that Cowrywise users remove their BVN from the platform if they have concerns about financial privacy or data security. This prevents unfettered access to your personal finances.
Simply visit the profile settings, delete your BVN details, and re-login to confirm removal. Although you’ll have to provide alternate IDs, this allows you to use Cowrywise with greater peace of mind.
Enabling security features like 2FA and strong passwords is also advised to prevent account takeovers. Monitor your credit report and be cautious of phishing attempts as well.
We hope this guide gives you a clear, step-by-step process for removing your BVN from Cowrywise. Let us know if you have any other questions in the comments!
