Nigerians in Diaspora to Get Non-Resident BVN Platform by December – CBN Governor Cardoso
Detailed Breakdown:
The Nigerian Inter-Bank Settlement System (NIBSS) is set to launch a non-resident Bank Verification Number (BVN) platform by December 2024, which will allow Nigerians living abroad to manage their local bank accounts, conduct business, and meet Know Your Customer (KYC) requirements without the need for physical presence.
This announcement was made by the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, during a meeting with the Nigerian community on the sidelines of the World Bank and International Monetary Fund (IMF) sessions in Washington, DC.
Cardoso emphasized that the new platform aims to remove the hassles Nigerians in the diaspora face when trying to access financial services in their home country. The current process requires many to travel long distances for biometric verification, which will no longer be necessary starting December 2024.
He highlighted that this move is part of broader efforts to ensure greater financial inclusion, allowing Nigerians abroad to seamlessly interact with the Nigerian banking system and expand their business opportunities.
This initiative, in collaboration with Nigerian banks, will simplify KYC procedures and make financial services more accessible, efficient, and cost-effective for non-resident Nigerians. It also addresses existing challenges such as limited enrollment centers and operational hours for processing BVNs, which have caused delays in banking activities.
By offering a more convenient solution, the non-resident BVN platform is expected to support greater participation of Nigerians abroad in the local economy.
Detailed Breakdown:
The Nigerian Inter-Bank Settlement System (NIBSS) is set to launch a non-resident Bank Verification Number (BVN) platform by December 2024, which will allow Nigerians living abroad to manage their local bank accounts, conduct business, and meet Know Your Customer (KYC) requirements without the need for physical presence.
This announcement was made by the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, during a meeting with the Nigerian community on the sidelines of the World Bank and International Monetary Fund (IMF) sessions in Washington, DC.
Cardoso emphasized that the new platform aims to remove the hassles Nigerians in the diaspora face when trying to access financial services in their home country. The current process requires many to travel long distances for biometric verification, which will no longer be necessary starting December 2024.
He highlighted that this move is part of broader efforts to ensure greater financial inclusion, allowing Nigerians abroad to seamlessly interact with the Nigerian banking system and expand their business opportunities.
This initiative, in collaboration with Nigerian banks, will simplify KYC procedures and make financial services more accessible, efficient, and cost-effective for non-resident Nigerians. It also addresses existing challenges such as limited enrollment centers and operational hours for processing BVNs, which have caused delays in banking activities.
By offering a more convenient solution, the non-resident BVN platform is expected to support greater participation of Nigerians abroad in the local economy.