Central Bank of Nigeria (CBN) Governor Yemi Cardoso has announced that the Nigerian Interbank Settlement System (NIBSS) will introduce the Non-Resident Bank Verification Number (BVN) platform to enable Nigerians in the diaspora to operate local bank accounts. He said he would launch a December.
Cardoso made this known while speaking on the sidelines of a meeting between the World Bank and IMF in Washington DC, USA.
He explained that the initiative is part of efforts to ensure that Nigerians, wherever they live in the world, can participate in the Nigerian economy without any problems.
“As far as we are concerned, it is completely unacceptable for you to come out here and have problems operating your account or doing business in your country of origin. From December 2024, Nigerians in the diaspora, We want to tell you that you will no longer face the hurdle of traveling long distances for physical biometrics to access financial services,” Cardoso said.
He said the launch of the Non-Resident BVN platform by NIBBS will enable enhanced know-your-customer (KYC) processes remotely, making it more convenient and cost-effective for the diaspora to access the Nigerian banking system. He said it would be.
“This work in collaboration with banks is an important step towards improving financial inclusion and accessibility as we continue to roll out innovative solutions,” he said.
Recently, the CBN has sought to strengthen economic ties with Nigerians abroad, particularly by enhancing access to the financial sector through streamlined cross-border remittance payments.
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In May, the CBN granted approval in principle (AIP) to 14 new international money transfer operators (IMTOs) to enhance remittances.
As of the end of the first quarter of 2024, the CBN recorded a total of $282.61 million in direct foreign exchange (FX) remittances, compared to $301.57 million in diaspora remittances recorded in the first quarter of 2023. This is a decrease of $18.96 million.
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