The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform, a pioneering initiative aimed at simplifying financial access for Nigerians in the diaspora. This platform, which allows Nigerians abroad to remotely obtain their Bank Verification Number (BVN), eliminates the need for physical presence in Nigeria, addressing a significant barrier to financial inclusion.
Speaking at the launch event in Abuja on Tuesday, CBN Governor, Olayemi Cardoso, hailed the NRBVN platform as a key milestone in Nigeria’s financial inclusion strategy. He pointed out that the platform would alleviate the long-standing challenges faced by Nigerians in the diaspora, who previously had to be physically present in the country to complete the BVN registration process.
“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 (KYC) processes, Nigerians worldwide will now be able to access financial services more easily and affordably,” Cardoso said.
He emphasized that the NRBVN was not merely a solution for financial access but a significant step toward building a more inclusive, innovative, and prosperous financial ecosystem. “This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity,” he added.
Cardoso also highlighted the positive growth in remittance flows, which increased from $3.3 billion in 2023 to $4.73 billion in 2024. He attributed the rise to recent reforms, including the introduction of the willing buyer, willing seller foreign exchange (FX) regime. With the launch of the NRBVN, the CBN is now targeting $1 billion in monthly remittance inflows. “With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows, a goal we believe is entirely achievable,” Cardoso said.
During the event, Premier Oiwoh, the Managing Director/CEO of NIBSS, provided an overview of the NRBVN platform’s technical and operational framework. He emphasized that the platform adheres to international standards, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure transparency and security.
CBN Deputy Governor for Economic Policy, Mr. Muhammad Abdullahi, also addressed the audience, calling the NRBVN “a transformative tool” for improving the banking experience for Nigerians in the diaspora. He urged continued collaboration to refine the platform and ensure it meets the evolving needs of the diaspora community.
“The initiative will strengthen economic ties between Nigeria and its global citizens and drive sustainable economic growth,” Abdullahi stated. “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 platform is part of a broader framework that includes the Non-Resident Ordinary Account and Non-Resident Nigerian Investment Account. These initiatives provide Nigerians abroad with greater access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets. Under current regulations, diaspora members will have the flexibility to repatriate the proceeds of their investments.
The launch of the NRBVN platform represents a major leap in the CBN’s ongoing efforts to enhance financial inclusion and harness the economic potential of Nigeria’s vibrant diaspora community.
