The Nigerian Inter-Bank Settlement System (NIBSS) is set to introduce a non-resident Bank Verification Number (BVN) platform by December 2024, allowing Nigerians living abroad to manage their local bank accounts, conduct business, and fulfill Know Your Customer (KYC) requirements remotely. The initiative was announced by Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, during a meeting with the Nigerian community at the World Bank and IMF sessions in Washington, DC.
Cardoso highlighted the importance of ensuring that Nigerians in the diaspora can engage with the country’s financial system without unnecessary obstacles. “It is unacceptable that you should be out here and face hassles in operating your accounts or doing business in your home country,” he said, noting that the new platform will eliminate the need for Nigerians abroad to travel long distances for biometric verification.
Starting in December, Nigerians living overseas will be able to complete their BVN enrollment online, streamlining the process and making it more cost-effective. Cardoso emphasized that this move, in collaboration with local banks, is a major step toward greater financial inclusion and accessibility, as Nigeria seeks to introduce more innovative financial solutions.
Currently, Nigerians abroad face significant challenges in processing their BVN, which is essential for accessing financial services. The existing system requires physical presence at limited enrollment centers, adding delays to activities such as opening accounts or renewing passports. The new non-resident BVN platform aims to resolve these issues, improving convenience for diaspora Nigerians while ensuring compliance with KYC regulations.
