Nigeria to launch non-resident BVN platform in December – Cardoso

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, said the Nigerian Inter-Bank Settlement System (NIBSS) will launch a non-resident Bank Verification Number (BVN) platform to enable Nigerians in diaspora operate their local bank accounts by December.

Mr Cardoso disclosed this while speaking on the sidelines of the World Bank and IMF meeting in Washington D.C United States.

He explained that the initiative is part of efforts to ensure that Nigerians irrespective of their location anywhere in the world can participate in the Nigerian economy without any hassles.

“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. 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 said.

He said the launch of the non-resident BVN platform by NIBBS will enable enhanced Know Your Customer (KYC) processes remotely making it more convenient and cost-effective for the diaspora 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,” he said.

In recent times, the CBN has aimed to bolster economic ties with Nigerians abroad by enhancing their access to the financial sector, particularly through streamlined international remittance payments.

In May, CBN granted Approval-in-Principle (AIP) to 14 new International Money Transfer Operators (IMTOs) to enhance remittances.

As of the end of the first quarter of 2024, the CBN recorded a total direct foreign exchange (FX) remittances of $282.61 million representing a $18.96 million decrease when compared to the $301.57 million diaspora remittances recorded in Q1 2023.