Thursday, 20 August 2015

Briefly: CBN Finalises BVN Guidelines for Nigerians in Diaspora

The Central Bank of Nigeria has set the guidelines for Nigerians in the Diaspora to enrol for the Bank Verification Number (BVN).

The Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, said in a statement that the apex bank has adopted the use of foreign-based Nigerian banks and a consultant called Online Integrated Solution (OIS) to implement the BVN project abroad.

On the use of foreign-based Nigerian banks, it required the customers to go to the bank where their bio data would be taken, the BVN generated and communicated to their various banks.

On the second option, involving the use of a consultant, the customer will pay an equivalent of 30 pounds to the OIS. The company will capture necessary data for online transmission to the Nigeria Inter-Bank Settlement System (NIBBS), which would thereafter generate the BVN and communicate same to the customer. The customer may approach OIS for the BVN, where the communication from the NIBSS is not received within 48 hours after the enrolment. Thereafter, Nigerian banks’ customers in the Diaspora are expected to forward their BVN to their banks for linkage with their accounts.

The use of a consultant would roll out in 12 locations in the first phase while the second phase would include locations with a high demand for service based on online feedback. The first phase locations include London, Leicester, New York, Atlanta, Washington DC, Houston, Johannesburg, Beijing, Shanghai, Guangzhou, Dubai and New Delhi.
Credit: Punch

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