NIBSS to Launch Non-Resident BVN Platform in December 2024
The Nigerian Inter-Bank Settlement System (NIBSS) is set to revolutionize financial inclusion for Nigerians living abroad with the launch of a new non-resident Bank Verification Number (BVN) platform in December 2024.
This groundbreaking initiative will enable diaspora Nigerians to operate their local bank accounts, manage businesses, and resolve Know Your Customer (KYC) issues seamlessly from anywhere in the world.
Central Bank of Nigeria (CBN) Governor Yemi Cardoso made the announcement during a meeting with the Nigerian community at the World Bank and International Monetary Fund (IMF) summit in Washington D.C.
The new platform will eliminate the need for in-person biometric verification, a process that has previously required Nigerians abroad to travel long distances and pay fees of around $45 to obtain a BVN through third-party services.
By streamlining KYC processes and making them more accessible and cost-effective, the non-resident BVN platform will facilitate greater financial inclusion for Nigerians living overseas.
The CBN’s move aligns with its broader strategy to integrate the diaspora into the financial system, particularly regarding international remittances. Earlier this year, the apex bank granted licenses to several International Money Transfer Operators (IMTOs) to promote formal remittance channels.
