As part of efforts towards the full implementation of the bank
verification number (BVN), the Central Bank of Nigeria (CBN) in
collaboration with key stakeholders in the banking industry has unveiled
the guidelines for the enrolment of Nigerian bank customers in
the
Diaspora.
The banking sector regulator explained that the plan was to roll out in
12 locations in the first phase. The locations are London, Leicester,
New York, Atlanta, Washington DC, Houston, Johannesburg, Beijing,
Shanghai, Guangzhou, Dubai and New Delhi. The second phase would include
locations with a high demand for service based on online feedback, the
CBN stated, adding that remote locations with lower concentration of
Nigerians would be accommodated through scheduled sessions over defined
periods.
The central bank in a circular signed by the Director, Banking and
Payment System, CBN, Mr. Dipo Fatokun, stated that Nigerian bank
customers in the diaspora can present themselves for BVN enrolment,
without travelling to the country. It also specified two options through
which this could be achieved.
The first option, in the circular dated August 18, 2015, a copy of
which was posted on the central bank’s website, was for customers of
Nigerian banks to present themselves to the offshore
branches/subsidiaries of any Nigerian bank (where such facilities have
been made available), for the BVN enrolment.
“The deployment of scanners and other devices to these locations have
started in earnest. Nigerian banks abroad are expected to capture
necessary data, generate a BVN and communicate same to the customers.
Thereafter, the customers are expected to forward the assigned BVN to
their banks, for linkage with their accounts.
“A web portal to achieve this linkage to bank accounts has been
developed and deployed, while the process of such linkage will be made
available by the Nigerian Interbank Settlement System (NIBSS) to all
those enrolled abroad,” the CBN explained.
It further directed all banks with branches/subsidiaries abroad to work
with the NIBSS to ensure seamless implementation of this option.
The second option, according to the central bank is the use of a
company, known as the Online Integrated Solution (OIS). The banking
sector regulator explained that the company had been engaged to
establish stations for data capture and generation of BVN at the cost of
£30 per transaction, to be paid by the customer.
The company is expected to capture necessary data for online
transmission to the NIBSS, who would thereafter, generate the BVN and
communicate same to the customer.
“The customer may approach OIS for BVN, where the communication from
NIBSS is not received within 48 hours after the enrolment. Thereafter,
Nigerian bank customers in the diaspora are expected to forward their
BVN to their banks for linkage with their accounts as in option one
above,” it explained.
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