By Aduragbemi Omiyale
The Nigerian Inter-Bank Settlement System (NIBSS) will by December 2024 launch a Bank Verification Number (BVN) registration platform for Nigerians in the diaspora.
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed this on Wednesday when he engaged members of the Nigerian community in the United States of America (USA).
Mr Cardoso is in the US along with some senior officials of the Nigerian government for the World Bank/International Monetary Fund (IMF) annual meetings in Washington D.C.
During his meeting with some Nigerians on the sidelines of the global event, the CBN boss said the introduction of the BVN registration for citizens outside the country was part of efforts to ensure that Nigerians, irrespective of their location anywhere in the world, can participate in the Nigerian economy.
According to him, this initiative will allow them to operate their local bank accounts, run their businesses and sort out Know-Your-Customer (KYC) issues with financial institutions from anywhere in the world.
“The launch of the non-resident BVN platform by NIBBS will enable enhanced KYC processes remotely, making it more convenient and cost-effective for the diaspora to engage with the Nigerian banking system.
“As far as we are concerned, it is totally unacceptable that you should be out here and having hassles operating your accounts or doing your business in your original country.
“I want to tell you that starting in December 2024, Nigerians in the diaspora will no longer face the hurdle of travelling long distances for physical biometric verifications to access financial services,” Mr Cardoso stated.
Recall that in February 2014, the apex bank introduced BVN, an 11-digit number that is unique to each individual, to the banking system. The number is linked to bank accounts of depositors. It is required to operate a bank account in Nigeria and it is under the control of the NIBSS.