The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has introduced a groundbreaking initiative designed to improve financial access for Nigerians living abroad: the Non-Resident Bank Verification Number (NRBVN) platform. This platform eliminates the need for physical presence in Nigeria, allowing those in the diaspora to obtain their BVNs remotely.
CBN Governor Olayemi Cardoso, speaking at the Abuja launch event on Tuesday, hailed the NRBVN as a pivotal achievement in Nigeria’s drive towards broader financial inclusion. He highlighted the platform’s significance in addressing the longstanding challenges faced by Nigerians overseas who previously needed to return home to complete BVN registration. Cardoso stated, “For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements. The NRBVN changes that. Through secure digital verification and robust Know Your Customer processes, Nigerians worldwide will now be able to access financial services more easily and affordably.”
The governor emphasized that the NRBVN represents more than just enhanced financial access; it signifies a step forward towards a more dynamic and inclusive financial landscape for Nigeria. He added, “We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally. This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”
Cardoso also noted the substantial increase in remittance inflows, rising from $3.3 billion in 2023 to $4.73 billion in 2024, largely due to recent policy changes, including the flexible “willing buyer, willing seller” foreign exchange regime. With the launch of the NRBVN, the CBN has set an ambitious goal: to achieve $1 billion in monthly remittances. Cardoso expressed confidence in this target, stating, “With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1bn in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels.”
NIBSS Managing Director/CEO Premier Oiwoh provided a detailed overview of the NRBVN’s technical infrastructure and operations, assuring attendees that the platform meets international standards and incorporates robust anti-money laundering and KYC measures.
CBN Deputy Governor for Economic Policy, Mr. Muhammad Abdullahi, further emphasized the NRBVN’s transformative potential for improving banking services for Nigerians in the diaspora. He urged stakeholders to collaborate on continuous improvements to the platform to better serve the diaspora community’s needs. He added that this initiative will significantly enhance economic ties between Nigeria and its citizens abroad, driving sustainable growth. Abdullahi declared, “Together, we stand at the threshold of a new era, poised to deepen the trust, enhance remittance growth, and forge a stronger, more meaningful connection between Nigeria and its global citizens.”
The NRBVN is part of a broader strategy that also encompasses the Non-Resident Ordinary Account and the Non-Resident Nigerian Investment Account, providing Nigerians overseas with access to a range of financial services, including savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets. Diasporans retain the right to repatriate investment proceeds under existing regulations.
The launch of the NRBVN signifies a critical step forward in the CBN’s ongoing efforts to increase financial inclusion and unlock the considerable economic potential of the Nigerian diaspora.
