By Capital watch Media
The Nigerian Inter-Bank Settlement System will introduce a non-resident Bank Verification Number platform by December, aimed at enabling Nigerians living abroad to manage their local bank accounts, conduct business, and meet Know Your Customer requirements remotely.
The Central Bank of Nigeria Governor, Yemi Cardoso, announced the initiative 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 stated that the initiative aims to ensure that Nigerians, regardless of their location, can engage seamlessly with the Nigerian economy and expand their 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,” he said.
Cardoso added, “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.
He noted that the launch of the non-resident BVN platform will enhance KYC processes, making it more convenient and cost-effective for the diaspora to interact with the Nigerian banking system.
Cardoso emphasised that this initiative, in collaboration with local banks, marks a significant step toward greater financial inclusion and accessibility as Nigeria continues to roll out innovative financial solutions.
Currently, Nigerians living abroad encounter considerable difficulties in processing their BVN, which is essential for accessing banking services.
The enrollment process requires physical presence at designated centers, which are often limited in number and operational hours, making it challenging for many to complete the process.
Moreover, the requirement for notarized identification and proof of foreign residence adds further complications. Despite some support from banks, many Nigerians report delays in crucial banking activities such as opening accounts or renewing passports.
