The Central Bank of Nigeria (CBN), governor has said Nigerians in diaspora will soon be able to operate their local bank account through the implementation of bank verification number (BVN) platform scheduled for launch in December this year.
The CBN Governor, Yemi Cardoso, gave this hint on Wednesday Cardoso during his interaction with members of the Nigerian community on the sidelines of the ongoing World Bank and International Monetary Fund (IMF) meeting in Washington D.C, United States.
According to him, the BVN platform which will be launched by the Nigerian Inter-Bank Settlement System (NIBSS), a subsidiary of the apex bank, will 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 explained that the initiative was part of the apex bank’s efforts to ensure that Nigerians, no matter where they are located globally, can contribute to sustained efforts by the governments to sustainably grow the nation’s economy.
He said: “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 NIBSS 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”, the governor assured.
It would be recalled that the apex bank had on February 14, 2014, introduced the BVN to enhance the financial system stability by protecting bank customers from fraudulent activities.
