The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the bank verification number (BVN) platform will be launched by December for Nigerians in the diaspora.
Cardoso spoke on Wednesday during a parley with members of the Nigerian community on the sidelines of the World Bank and International Monetary Fund (IMF) meeting in Washington D.C, United States.
He said the BVN platform will be launched by the Nigerian Inter-Bank Settlement System (NIBSS), a subsidiary of the CBN.
The BVN is an 11-digit number that is unique to each individual required to own and operate a bank account in Nigeria.
On February 14, 2014, BVN was introduced by the CBN to strengthen the banking system, safeguard bank customers, and mitigate fraud. As of April 2, 2024, over 61.47 million have enrolled for BVN, according to NIBSS.
According to Cardoso, the platform would enable Nigerians in the diaspora to operate their local bank accounts, run their businesses and sort out know-your-customer (KYC) issues with financial institutions from anywhere in the world.
The CBN governor added that the initiative is part of efforts to ensure that Nigerians irrespective of their location anywhere in the world can participate in the Nigerian economy.
