The Central Bank of Nigeria (CBN) says a bank verification number (BVN) platform will be launched by December for Nigerians in the diaspora.
Cardoso spoke on Wednesday during a parley with members of
the Nigerian community on the sidelines of the World Bank and International
Monetary Fund (IMF) meeting in Washington D.C, United States.
He said the BVN platform will be launched by the Nigerian
Inter-Bank Settlement System (NIBSS), a subsidiary of the CBN.
The BVN is an 11-digit number that is unique to each
individual, but the same across all bank institutions for the same individual.
BVN is required to own and operate a bank account in
Nigeria.
According to Cardoso, 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 governor 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,” he said.
“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.
“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.
“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.”
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.
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