The Central Bank of Nigeria (CBN) is set to roll out a new Bank Verification Number (BVN) platform by December 2024, aimed at enabling Nigerians living abroad to access banking services without the need for physical verification.
CBN Governor Olayemi Cardoso announced this initiative on Wednesday during an engagement with members of the Nigerian community at the World Bank and International Monetary Fund (IMF) meetings in Washington, D.C.
Cardoso revealed that the platform, developed in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS), a subsidiary of the CBN, was designed to enhance convenience for Nigerians in the diaspora.
He said the platform will allow them to remotely complete Know Your Customer (KYC) processes, eliminating the need to travel long distances for in-person biometric verification.
“As far as we are concerned, it is totally unacceptable that you should be out here and face hassles in operating your accounts or conducting business in your home country,” Cardoso said. He assured the diaspora community that the initiative will ensure seamless access to Nigeria’s financial services from anywhere in the world.
The non-resident BVN platform, which will be launched by NIBSS, is part of CBN’s broader effort to improve financial inclusion and accessibility for Nigerians abroad. “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,” Cardoso added.
Introduced in 2014, the BVN is a unique identifier required to own and operate bank accounts in Nigeria. The new platform aims to streamline the process for Nigerians living abroad, allowing them to manage their local bank accounts, conduct business, and resolve KYC issues with financial institutions more efficiently.
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