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, enabling Nigerians in the diaspora to register for a BVN remotely without being physically present in the country.
Unveiled on Tuesday in Abuja, the digital platform is designed to support the CBN’s ambitious goal of achieving $1 billion in monthly diaspora remittances, amounting to about $12 billion annually.
Speaking at the launch, which was attended by financial sector stakeholders and bank CEOs, CBN Governor Olayemi Cardoso described the initiative as a major milestone in Nigeria’s financial inclusion journey.
“For too long, many Nigerians abroad have faced challenges accessing financial services at home due to physical verification requirements. The NRBVN changes that,” Cardoso said.
“Through secure digital verification and robust KYC processes, Nigerians worldwide can now more easily and affordably access the financial system.”
He noted that the platform aligns with global standards and incorporates strict Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, ensuring transparency, security, and confidence in the Nigerian financial ecosystem.
Expanding financial access
The NRBVN is part of a broader strategy that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA), which together grant Nigerians abroad access to savings, mortgages, insurance, pensions, and investment opportunities in Nigerian capital markets.
According to Cardoso, diaspora Nigerians will retain the flexibility to repatriate investment proceeds under current regulations, further incentivizing participation in the formal economy.
He also highlighted the potential of the NRBVN to help reduce the average cost of remittances in Sub-Saharan Africa, which currently exceeds 7%, by improving the efficiency and appeal of formal remittance channels.
“This is not the final destination, but the beginning of a broader journey,” Cardoso said. “We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally.”
Growing remittance flows
The CBN reported that remittance flows through formal channels rose from $3.3 billion in 2023 to $4.73 billion in 2024, buoyed by recent reforms such as the willing buyer, willing seller foreign exchange regime.
Cardoso expressed optimism that with the NRBVN and complementary policies in place, the $1 billion monthly remittance target is within reach.
He emphasized that meeting this target will require continued collaboration and strict adherence to regulatory frameworks, including the FX Code and related guidelines.
“A fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted, cost-effective channels,” he added.
Industry support
Chairman and CEO of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described the NRBVN as a “game changer” for Nigerians abroad, noting its potential to deepen economic engagement and trust in the financial system.
The launch event also featured a presentation by Premier Oiwoh, Managing Director/CEO of NIBSS, and a panel discussion involving key industry stakeholders.
