The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced that a new Bank Verification Number (BVN) platform for Nigerians living abroad will be operational by December 2024.
Cardoso made this statement on Wednesday during a meeting with the Nigerian community on the sidelines of the World Bank and International Monetary Fund (IMF) annual gatherings in Washington D.C. He explained that the platform, to be launched by the Nigerian Inter-Bank Settlement System (NIBSS), a subsidiary of the CBN, would allow diaspora Nigerians to manage their bank accounts and business activities in Nigeria without the need for physical presence.
The BVN, a unique 11-digit identifier introduced in 2014 by the CBN, is designed to enhance security and reduce fraud in the Nigerian banking system. As of April 2024, over 61 million Nigerians have been enrolled in the system, according to NIBSS.
Cardoso emphasized that the platform would enable those in the diaspora to handle their financial affairs seamlessly, resolving Know Your Customer (KYC) issues with Nigerian financial institutions remotely. He stated, “It is unacceptable that Nigerians abroad face difficulties operating accounts or running businesses back home.”
He further added that the new BVN platform, launching in December 2024, will eliminate the need for Nigerians overseas to travel long distances for physical biometric verifications. “This initiative will facilitate more convenient and cost-effective access to financial services for the diaspora, marking a significant step towards greater financial inclusion,” Cardoso said.
