Cardoso: NIBSS plans BVN platform for Nigerians in diaspora
A Bank Verification Number (BVN) platform will be inaugurated by December for Nigerians in the diaspora, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.
He said the BVN platform will be launched by the Nigerian Inter-Bank Settlement System (NIBSS), a subsidiary of the CBN.
Cardoso made this known yesterday during a parley with members of the Nigerian community on the sidelines of the ongoing World Bank/ International Monetary Fund (IMF) annual meetings in Washington D.C, United States.
The BVN is an 11-digit number that is unique to each individual, but applies across all bank institutions for the same individual. The BVN is required to own and operate a bank account in Nigeria.
He said the platform would enable Nigerians in the diaspora 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 CBN chief added 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.
“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 traveling long distances for physical biometric verifications to access financial services,” he said.
“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, he stated, adding that “this initiative, in collaboration with our banks marks a significant step towards greater financial inclusion and accessibility as we continue to roll out innovative solutions.”
On February 14, 2014, BVN was introduced by the CBN to strengthen the banking system, safeguard bank customers and mitigate fraud. As of April 2, 2024, over 61.47 million have enrolled for BVN, according to NIBSS data.
