- Cardoso said the new platform would allow Nigerians overseas to manage their local bank accounts
The Nigerian Inter-Bank Settlement System is set to launch a non-resident Bank Verification Number (BVN) platform by December, aimed at easing access to banking services for Nigerians living abroad.
Central Bank Governor, Yemi Cardoso, made the announcement during a meeting with the Nigerian community on the sidelines of the World Bank and IMF meetings in Washington, DC.
Cardoso said the new platform would allow Nigerians overseas to manage their local bank accounts and meet Know Your Customer (KYC) requirements without needing to travel back home.
“It’s unacceptable that you should be abroad and face difficulties in operating your accounts or doing business in Nigeria,” he told the gathering.
He added that from December, Nigerians in the diaspora would no longer need to travel long distances for physical biometric verifications to access financial services.
The initiative, developed in partnership with local banks, aims to improve KYC procedures, making it easier and more cost-effective for those abroad to engage with the Nigerian banking system.
Currently, Nigerians abroad face significant hurdles in processing their BVN, which is essential for accessing banking services. The current process requires in-person enrolment at limited centres, often with restricted operating hours. In addition, the need for notarised documents and proof of foreign residency further complicates the procedure.
Many Nigerians report delays in key banking activities, including account openings and passport renewals, despite some assistance from banks. The new platform is expected to simplify these processes and enhance financial inclusion for the diaspora.
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