The Central Bank of Nigeria (CBN) has announced plans to launch a bank verification number (BVN) platform for Nigerians in the diaspora by December 2024.
This new initiative, aimed at simplifying banking processes for non-resident Nigerians, was revealed by CBN Governor Olayemi Cardoso during a meeting with members of the Nigerian community on the sidelines of the World Bank and International Monetary Fund (IMF) meeting in Washington D.C..
Cardoso explained that the platform will be managed by the Nigerian Inter-Bank Settlement System (NIBSS), a subsidiary of the CBN.
The BVN, an 11-digit unique identifier, is required for owning and operating a bank account in Nigeria.
The new platform will enable Nigerians living abroad to manage their local bank accounts, conduct business, and address know-your-customer (KYC) requirements from anywhere in the world.
“As far as we are concerned it is totally unacceptable that you should be out here and be having hassles in operating your accounts or doing your business in your original country,” Cardoso said.
He added that starting in December 2024, Nigerians in the diaspora will no longer face the challenge of traveling long distances for physical biometric verifications to access financial services.
“The launch of the non-resident BVN platform by NIBSS will enable enhanced KYC processes remotely, making it more convenient and cost-effective for the diaspora to engage with the Nigerian banking system.
“This initiative in collaboration with our banks marks a significant step toward greater financial inclusion and accessibility as we continue to roll out innovative solutions,” he said.
