CBN to Launch BVN Platform for Nigerians in Diaspora by December 2024

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced plans to launch a Bank Verification Number (BVN) platform specifically for Nigerians living abroad by December 2024. Cardoso made this announcement during the World Bank and International Monetary Fund (IMF) annual meeting.

The platform, to be implemented by the Nigerian Inter-Bank Settlement System (NIBSS), will allow Nigerians in the diaspora to manage their local bank accounts and fulfill Know Your Customer (KYC) requirements without needing to return to Nigeria. Cardoso expressed frustration over the current challenges faced by Nigerians abroad in accessing their accounts, stating, “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.”

The new non-resident BVN platform aims to facilitate remote access to financial services for Nigerians overseas, enabling them to manage businesses, maintain local accounts, and address KYC issues from anywhere in the world. Cardoso highlighted that this initiative is designed to help Nigerians globally engage with the Nigerian economy without unnecessary barriers.

He emphasized that starting in December 2024, Nigerians in the diaspora will no longer have to travel long distances for biometric verifications to access financial services. The launch of the non-resident BVN platform will enhance KYC processes remotely, making it more convenient and cost-effective for the diaspora to interact with the Nigerian banking system.

Written by: Blossom Kugbere.

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