CBN launches new platform to boost $1 billion monthly remittances 

The new platform, unveiled on Tuesday, aims to simplify the process for Nigerians living abroad to obtain their Bank Verification Number (BVN) remotely, removing the need for in-person verification in Nigeria.

The NRBVN initiative is seen as a major milestone in the CBN’s efforts to expand financial inclusion and integrate the Nigerian diaspora into the country’s economic activities.

Nigerians abroad will now be able to access essential banking services more efficiently, ensuring they remain connected to the country’s financial ecosystem.

Speaking at the launch event in Abuja, CBN Governor, Mr. Olayemi Cardoso, described the NRBVN platform as an essential tool to bridge the gap between Nigeria and its global citizens. He highlighted that the platform would ease the longstanding challenges faced by Nigerians in the diaspora, particularly the requirement to physically appear in Nigeria for BVN registration.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” said Cardoso. “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 emphasized that the platform is not just a solution for improving financial access but also a foundation for greater national inclusion, innovation, and prosperity. He called on all stakeholders across the financial ecosystem including banks, fintech companies, and International Money Transfer Operators (IMTOs)—to collaborate in refining the platform and integrating it with other financial services.

The NRBVN platform is expected to have a significant impact on Nigeria’s remittance inflows, which have already been on the rise.

According to recent data, remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024, largely due to reforms such as the introduction of the willing buyer, willing seller FX regime.

With the launch of the NRBVN, the CBN has set an ambitious target of $1 billion in monthly remittance flows, further boosting Nigeria’s foreign exchange reserves. Cardoso expressed confidence that this goal is achievable, citing the increasing trust and convenience of formal remittance channels.

“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 given the growing trust and convenience in formal remittance channels,” said the Governor.

He also reiterated the CBN’s commitment to reducing the high cost of remittances, which currently averages over 7% in Sub-Saharan Africa. The launch of the NRBVN platform is expected to further reduce these costs, making remittance services more accessible and cost-effective for Nigerians abroad.

The NRBVN platform is part of a broader framework designed to facilitate the financial integration of Nigerians in the diaspora. In addition to the BVN registration, the platform provides access to Non-Resident Ordinary Accounts (NROA) and Non-Resident Nigerian Investment Accounts (NRNIA), offering diaspora Nigerians a wider range of financial services.

These services include access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.

Under the current regulations, Nigerians in the diaspora will have the flexibility to repatriate the proceeds from their investments. This is expected to enhance the attractiveness of Nigeria’s capital markets and create more investment opportunities for Nigerians living abroad.

The platform also incorporates global standards for security and compliance. Every NRBVN registration undergoes thorough verification checks to ensure the integrity of the financial system.

The platform also incorporates global standards for security and compliance. Every NRBVN registration undergoes thorough verification checks to ensure the integrity of the financial system.

Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols have been integrated into the platform, ensuring transparency and safeguarding against illicit financial activities.

Mr. Premier Oiwoh, Managing Director/CEO of NIBSS, presented the technical and operational details of the platform at the event. He highlighted the platform’s adherence to international standards, ensuring the security of all transactions while bolstering international confidence in Nigeria’s financial system.