The Nigerian Inter-Bank Settlement System (NIBSS) is set to launch a non-resident Bank Verification Number (BVN) platform by “December 2024.”
This innovative solution will enable Nigerians in the diaspora to manage their local bank accounts, conduct business, and meet Know Your Customer (KYC) requirements remotely.
According to Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the initiative aims to ensure seamless engagement with the Nigerian economy, regardless of location.
“As far as we are concerned, it is unacceptable that you should be out here and face hassles in operating your accounts or doing business in your home country,” Cardoso emphasized during a meeting with members of the Nigerian community at the sidelines of the World Bank and International Monetary Fund sessions in Washington, DC.
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The current BVN enrollment process requires physical presence at designated centers, which can be challenging for those abroad.
However, with the new platform, Nigerians in the diaspora, he said, will no longer need to travel “long distances for physical biometric verifications to access financial services.”
The launch of the non-resident BVN platform, he said, will enhance KYC processes, making it more convenient and cost-effective for the diaspora to interact with the Nigerian banking system.
This initiative, in collaboration with local banks, marks a significant step toward greater financial inclusion and accessibility as Nigeria continues to roll out innovative financial solutions.
