False! First Bank does not offer loans without BVN

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Claim: A Facebook page shared a link claiming that First Bank is giving out loans up to N1,000,000 to Nigerians without the Bank Verification Number (BVN).

False! First Bank does not offer loans without BVN

Verdict: FALSE. First Bank is not offering loans without BVN as stated in the claim. Also, the link attached differs from the bank’s authentic website and displays a United States visa sponsorship opportunity.

Full Text

Nigeria’s soaring inflation rate, at 32.15% as of August 2024, indicates one of the most severe economic crises recorded in decades, which led to skyrocketing prices for essential goods, with many citizens struggling to afford necessities like food and medicine. The controversial removal of fuel subsidies and naira depreciation have worsened the crisis, causing widespread hardship and prompting calls for protests against the government’s handling of the economy.

In this challenging environment, First Bank of Nigeria (FBN), established in 1894, remains a key player in the financial sector, offering various banking services to support individuals and businesses navigating these tough economic times.

Amid these conditions, a Facebook page, The News, shared a post claiming that the Bank offers loans to Nigerians without requiring a Bank Verification Number (BVN). As of Sept. 26, 2024, over 3,700 accounts have reacted to the post, while it has garnered over 1,000 comments and 34 reshares since it was shared on Sept. 23, 2024.

The link attached bore no semblance to a website owned by the bank, but most comments indicated people expressing their interests. This raised suspicions and prompted DUBAWA to verify the information.

Verification

We clicked on the link and found no content that provided details on registration or eligibility for such a loan. Instead, the website-BalanceMyWealth showed how Nigerians can obtain a visa sponsorship opportunity in the United States (USA).

We checked the bank’s authentic website and found where Nigerians can request loans. DUBAWA discovered that submitting the BVN is required before the request can be considered.