CBN to float non-resident BVN platform for diasporan Nigerians December – Cardoso

The Nigerian Inter-Bank Settlement System has concluded plans to introduce a non-resident Bank Verification Number (BVN) platform, aimed at enabling Nigerian residents abroad to remotely manage their local bank accounts, conduct businesses, and meet the Know Your Customer (KYC) requirements.

The initiative, which will commence in December 2024, was announced by Olayemi Cardoso, the Central Bank of Nigeria Governor (CBN), during a meeting with members of the Nigerian community at the sidelines of the World Bank and IMF sessions in Washington, DC, on Tuesday.

Cardoso explained that the initiative was designed to ensure that Nigerians, regardless of their location, can enjoy seamless engagement with the Nigerian economy and expand business opportunities.

“As far as we are concerned, it is unacceptable that you should be out here and face hassles in operating your accounts or doing business in your home country.

“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,” Cardoso said.

Cardoso says non-resident BVN will enhance KYC

The apex bank governor highlighted the benefits of the non-resident BVN, including enhancement of the KYC process, making it more convenient and cost-effective for the diaspora to interact with the Nigerian banking system.

Cardoso also stressed that the initiative, in collaboration with local banks, heralds a significant step toward greater financial inclusion and accessibility as Nigeria continues to churn out innovative financial solutions.

Nigerians living abroad are currently facing considerable difficulties in processing their BVN, which is essential for accessing banking services in Africa’s most populous country.

The enrollment process can’t be completed without the physical presence of the applicant at designated centres in the country, which are often limited in number and operational hours, making it daunting for many to see the process to the end.

Moreover, the requirement for notarized identification and proof of foreign residence adds another layer of complications to the process.

Despite efforts by banks to make the process less burdensome, many Nigerians still report delays in crucial banking activities such as opening or renewing passports.