As part of measures to increase foreign exchange inflows into the economy, the Central Bank of Nigeria (CBN) in collaboration with Nigeria Inter-Bank Settlement System (NIBSS) have unveiled a Bank Verification Number platform for Nigerians in the diaspora.
Yesterday in Abuja, the Non-Resident Bank Verification Number (NRBVN) platform, an innovative digital gateway, which allows Nigerians in the diaspora to obtain a BVN remotely without the need for physical presence in Nigeria.
Speaking on the development, the CBN Governor, Mr. Olayemi Cardoso, while describing the initiative as a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to its global citizens, said: “With the NRBVN in place, the CBN is optimistic about reaching its $1 billion monthly remittance target. “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. “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 should now be able to access financial services more easily and affordably.”
The governor while describing the NRBVN as a dynamic platform, said it was“not the final destination, but the beginning of a broader journey.”
Remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024, thanks to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.
Stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs), were encouraged to integrate and collaborate in shaping and refining the system as it evolves.
Cardoso reiterated the bank’s commitment to reducing the high cost of remittances in sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform.
The launch also featured a presentation by the Managing Director/Chief Executive Officer of NIBSS, Mr. Premier Oiwoh, and a panel discussion with key industry stakeholders.
The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA). Together, they enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.
Under current regulations, Nigerians in the Diaspora will retain the flexibility to repatriate the proceeds of their investments. Importantly, the NRBVN system has been built with global standards in mind, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system.
