The Nigerian Inter-Bank Settlement System (NIBSS) is set to launch a non-resident Bank Verification Number (BVN) platform by December 2024, allowing Nigerians in the diaspora to operate their local bank accounts, manage their businesses, and address KYC (Know Your Customer) requirements from anywhere in the world.
Central Bank of Nigeria (CBN) Governor Yemi Cardoso, announced this initiative during a meeting with members of the Nigerian community at the World Bank and IMF meetings in Washington, D.C. He emphasised that the platform aims to facilitate the participation of Nigerians, regardless of their location, in the Nigerian economy without complications.
“It is unacceptable for Nigerians abroad to face challenges in managing their accounts or conducting business in their home country,” Cardoso stated. “Starting in December 2024, Nigerians in the diaspora will no longer need to travel long distances for physical biometric verifications to access financial services.”
The non-resident BVN platform will enhance remote KYC processes, making it more convenient and cost-effective for diaspora Nigerians to engage with the Nigerian banking system. Cardoso noted that this initiative, developed in collaboration with banks, represents a significant step toward improving financial inclusion and accessibility through innovative solutions.
Currently, Nigerians living abroad must register with OIS Services, VFS Global, or Avantech services—options that are only available in select locations and come with a fee of $45 to obtain their BVN. It remains unclear whether the new NIBSS platform will also incur a fee.
The CBN has been focused on integrating Nigerians in the diaspora into the national economy, particularly within the financial sector and in receiving international remittances. In May 2024, the CBN granted preliminary licenses to 14 International Money Transfer Operators (IMTOs) and had previously licensed 62 IMTOs to provide international money transfer services. These measures aim to discourage the use of unofficial channels for remittances.
In 2023, Nigeria received $19.55 billion in international remittances, the highest in Africa for that period. However, reports suggest that up to 50 per cent of remittance inflows are channeled through unofficial means—an issue the current CBN leadership is striving to address.
The CBN has confirmed that monthly remittances through official channels using IMTOs have increased from $300 million to $600 million, with a target of reaching $1 billion in monthly remittances.
