CBN Announces Date Nigerians Abroad Can Apply for BVN, Operate Naira Bank Account

• The CBN is working on a new platform that will allow Nigerians in the diaspora to apply for BVN and also operate a naira account
• The Nigerian Inter-Bank Settlement System will develop the platform and will eliminate the need for physical biometric capture
• The intuitive is part of the CBN's intention to ease access to financial services and also enhance financial inclusion

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that a Bank Verification Number (BVN) platform for Nigerians in the diaspora will be launched by December 2024.

Cardoso stated this while speaking on the sidelines of the World Bank and International Monetary Fund (IMF) annual meeting.

Read also

Federal government identifies solution to naira free fall against US dollar

According to Cardoso, the Nigerian Inter-Bank Settlement System (NIBSS), a CBN subsidiary, will implement the platform.

NIBSS will provide Nigerians living abroad with a streamlined system to manage their local bank accounts and address Know Your Customer (KYC) requirements without needing to be physically present in Nigeria.

Cardoso 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."

CBN makes promises to Nigerians

Cardoso emphasised that the upcoming non-resident BVN platform will enable Nigerians in the diaspora to remotely access financial services, helping them manage businesses, run local accounts, and resolve KYC issues from anywhere in the world.

He explained that this development is aimed at ensuring Nigerians globally can participate in the Nigerian economy without facing barriers, Punch reports.

Read also

Telcos seek govt approval to deactivate Nigerian banks’ USSD service, give reasons

He added:

“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 NIBBS will enable enhanced KYC processes remotely, making it more convenient and cost-effective for the diaspora to engage with the Nigerian banking system."

What is BVN?

The BVN, a unique 11-digit identification number introduced in February 2014 by the CBN, was created to strengthen Nigeria's banking system, safeguard bank customers, and mitigate fraud.

According to data from NIBSS, as of April 2, 2024, more than 61.47 million Nigerians have enrolled in the system.

CBN explains managing dormant account

Legit.ng reported that Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has expressed worry about the susceptibility of inactive bank accounts to fraudulent activity.

Read also

‘We are looking for’: FIRS announces fresh recruitment for young graduates, lists requirements

On Tuesday, after the two-day Monetary Policy Committee (MPC) meeting, Cardoso stated that the benchmark interest rate had increased by 50 basis points to 26.75%.

He clarified that accounts that are left idle for long periods of time are frequently easy targets for identity theft and unauthorised access by scammers.

Source: Legit.ng