On Nov. 8, NGR CB issued update on facilitating diaspora inflows.
NGR CB announced plans for a non-resident bank verification number (BVN) platform.
Follows May 2024, NGR CB clarified bank verification number regulation, see #172322.
BVN Platform
Platform will be managed by the Nigerian Inter-Bank Settlement System (NIBSS).
The BVN, an 11-digit unique identifier introduced on Feb. 14, 2014 to improve banking security and reduce fraud, is mandatory for operating a bank account in Nigeria.
From Dec. 2024, Nigerians in the diaspora will no longer need to travel long distances for in-person biometric verifications to access financial services.
Significant step toward eliminating barriers to financial inclusion for non-residents.
Will improve remote know your customer (KYC) processes, make it convenient and cost-effective for Nigerians abroad to engage with the country's banking system.
