The Central Bank of Nigeria (CBN) has announced plans to launch a new Bank Verification Number (BVN) platform by December 2024, specifically designed to facilitate banking services for Nigerians living abroad.
This innovative platform will eliminate the need for physical verification, allowing seamless access to financial services from any location.
CBN Governor, Olayemi Cardoso, made this announcement on Wednesday during a meeting with the Nigerian community at the World Bank and International Monetary Fund (IMF) sessions in Washington, D.C. He highlighted that the platform was developed in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS), a subsidiary of the CBN, to enhance convenience for Nigerians in the diaspora.
Cardoso emphasized the significance of this initiative in making financial services more accessible, stating, “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.”
He assured the diaspora community that the new system would ensure smoother access to Nigerian banking services without the need for in-person biometric verification.
The non-resident BVN platform will allow Nigerians abroad to remotely complete their Know Your Customer (KYC) processes, addressing long-standing challenges faced by those living outside the country. “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 for owning and operating bank accounts in Nigeria. The new platform aims to streamline processes for Nigerians abroad, enabling them to efficiently manage local bank accounts and resolve any KYC-related issues with Nigerian financial institutions.
