The Central Bank of Nigeria (CBN) plans to launch a new Bank Verification Number (BVN) platform by December 2024, designed to help Nigerians living abroad access banking services without the need for physical verification.

CBN Governor Olayemi Cardoso made this announcement during an engagement with members of the Nigerian community at the World Bank and International Monetary Fund (IMF) meetings in Washington, D.C. He explained that the platform, developed in partnership with the Nigerian Inter-Bank Settlement System (NIBSS), a subsidiary of the CBN, is meant to enhance convenience for Nigerians in the diaspora.

The new system will allow Nigerians overseas to complete Know Your Customer (KYC) processes remotely, removing the need for them to travel long distances for in-person biometric verification. Cardoso expressed that it is unacceptable for Nigerians abroad to encounter difficulties in managing their accounts or conducting business in Nigeria. The platform will ensure they have seamless access to financial services from anywhere.

The non-resident BVN platform is part of the CBN’s broader efforts to boost financial inclusion and accessibility for Nigerians abroad. Introduced in 2014, the BVN is a unique identifier required to operate bank accounts in Nigeria. This new platform will simplify the process for diaspora Nigerians, enabling them to manage local bank accounts, conduct business, and resolve KYC-related issues more efficiently.