Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has announced that the Bank Verification Number (BVN) platform for Nigerians living abroad will be launched by December 2024. This significant development was revealed during a meeting with members of the Nigerian community at the World Bank and International Monetary Fund (IMF) gathering in Washington D.C.
The BVN platform, set to be launched by the Nigerian Inter-Bank Settlement System (NIBSS), aims to facilitate seamless banking operations for Nigerians in the diaspora. Cardoso emphasized that the initiative is designed to eliminate the challenges faced by expatriates when trying to manage their local bank accounts, run businesses, and navigate know-your-customer (KYC) requirements from abroad.
The BVN, an 11-digit unique identifier, was introduced by the CBN on February 14, 2014, to strengthen the banking system, protect customers, and reduce fraud. As of April 2, 2024, over 61.47 million individuals had registered for a BVN, reflecting its widespread adoption.
Cardoso stated, “As far as we are concerned, 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.” He added that the new platform will allow Nigerians in the diaspora to avoid the inconvenience of traveling long distances for physical biometric verifications, making it easier to access financial services.
The governor further explained that the launch of the non-resident BVN platform will enhance KYC processes, allowing for remote verification and making it more convenient and cost-effective for Nigerians abroad to engage with the Nigerian banking system.
“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 concluded, highlighting the CBN’s commitment to ensuring that all Nigerians, regardless of their location, can actively participate in the nation’s economy.
