The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said the Nigerian Interbank Settlement System (NIBSS) will launch a non-resident Bank Verification Number (BVN) platform to enable Nigerians in the diaspora to operate their local bank accounts through December.
Cardoso revealed this while speaking on the sidelines of the World Bank-IMF meeting in Washington DC, United States.
He explained that the initiative is part of efforts to ensure that Nigerians, regardless of their location anywhere in the world, can participate in the Nigerian economy seamlessly.
“As far as we are concerned, it is totally unacceptable that you are here and have problems operating your accounts or doing business in your home country. I want to tell you that from December 2024, Nigerians in the diaspora will no longer face the hurdle of traveling long distances to undergo physical biometric verifications to access financial services,” Cardoso said.
He said the launch of the BVN platform for non-residents by NIBBS will enable improved Know Your Customer (KYC) processes remotely, making it more convenient and cost-effective for the diaspora to interact with the Nigerian banking system.
“This initiative in collaboration with our banks marks a significant step towards greater financial inclusion and accessibility as we continue to implement innovative solutions,” he said.
In recent times, the CBN has aimed to strengthen economic ties with Nigerians abroad by improving their access to the financial sector, particularly through simplified international remittance payments.
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In May, the CBN granted Approval in Principle (AIP) to 14 new International Money Transfer Operators (IMTOs) to enhance remittances.
At the end of the first quarter of 2024, the CBN recorded total direct foreign exchange (FX) remittances of $282.61 million, representing a decrease of $18.96 million compared to diaspora remittances from 301.57 million dollars recorded in the first quarter of 2023.