In a significant move to streamline financial services for Nigerians living abroad, the Central Bank of Nigeria (CBN) has announced the launch of a non-resident Bank Verification Number (BVN) platform, set to go live by December 2024. This platform will allow Nigerians in the diaspora to conveniently register for their BVN without needing to physically return to Nigeria. The announcement, made by CBN Governor Olayemi Cardoso, aims to simplify the BVN registration process for diasporan Nigerians, enhancing their ability to manage financial assets and access banking services back home.
The non-resident BVN platform is part of a broader strategy to improve financial inclusion for Nigerians abroad, ensuring they can maintain active accounts in Nigerian banks despite geographical distance. This platform is expected to serve a dual purpose: allowing Nigerians to complete their BVN registration remotely and providing continuous access to their banking services, including the ability to open accounts, execute transactions, and engage in financial activities without the need for frequent trips to Nigeria.
Cardoso emphasized that this initiative would strengthen the ties between Nigeria and its citizens living abroad, offering a streamlined approach to meeting banking requirements, such as the BVN, which is critical for accessing several services in the Nigerian financial system. The CBN has also confirmed that this development will coincide with the ongoing efforts to improve digital banking infrastructure in the country.
