Nigeria: New Non-Resident BVN Platform to Ease Banking for Nigerians Abroad

The Nigerian Inter-Bank Settlement System (NIBSS) is set to launch a new platform for non-resident Nigerians in December 2024, making it easier for those living abroad to access local banking services. This initiative will allow Nigerians in the diaspora to operate their bank accounts, manage businesses, and resolve Know Your Customer (KYC) issues without the need for physical presence in Nigeria.

Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), announced the development during a meeting with the Nigerian community at the World Bank and International Monetary Fund (IMF) summit in Washington D.C. He highlighted that the platform is part of the CBN’s ongoing efforts to ensure full economic participation for Nigerians worldwide.

The new system will eliminate the need for in-person biometric verification, which has historically required traveling to specific locations for registration. Currently, Nigerians abroad must use NIBSS-licensed third-party services like OIS Services, VFS Global, or Avantech Services, which are available in limited areas and cost around $45 to obtain a Bank Verification Number (BVN).

Cardoso emphasized that it is both unnecessary and unacceptable for Nigerians living abroad to face such hurdles in accessing financial services or conducting business in their home country. He assured the diaspora community that the introduction of the non-resident BVN platform will simplify these processes, enhancing financial inclusion for Nigerians abroad.

This digital platform will streamline the KYC process, offering a more cost-effective and accessible solution for diaspora Nigerians to engage with their local banks. In collaboration with Nigerian banks, the initiative aligns with the CBN’s broader goal of promoting financial inclusion and increasing access to formal financial services.

This move is also part of the CBN’s ongoing efforts to integrate Nigerians in the diaspora into the financial system, particularly through formal channels for international remittances. Earlier in 2024, the CBN licensed several International Money Transfer Operators (IMTOs) to strengthen formal remittance flows into the country.