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—an initiative designed to enable Nigerians living abroad to obtain a BVN remotely.
The digital platform, introduced yesterday, is a major step toward achieving the CBN’s target of $1 billion in monthly diaspora remittances—amounting to roughly $12 billion annually.
It eliminates the need for physical presence in Nigeria for BVN registration.
Speaking during the launch event in Abuja, which was attended by top banking executives, CBN Governor Olayemi Cardoso described the initiative as a significant stride in financial inclusion.
He emphasized its potential to connect Nigeria more closely with its global citizens and reduce the high cost of remittance transfers, which currently average over 7% in Sub-Saharan Africa.
“For too long, Nigerians abroad have struggled with accessing financial services at home due to physical verification requirements,” Cardoso noted.
“The NRBVN changes that. With secure digital verification and strong KYC protocols, they can now access services easily and affordably.”
The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA), offering access to savings, mortgages, insurance, pensions, and capital market investments. Nigerians abroad will retain the freedom to repatriate returns on their investments.
The system has been designed to meet global standards, incorporating rigorous Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements to maintain financial integrity and boost international trust in Nigeria’s financial ecosystem.
Formal remittance flows rose from $3.3 billion in 2023 to $4.73 billion in 2024, buoyed by recent reforms including the adoption of the willing buyer, willing seller FX regime.
With the NRBVN now active, the CBN is optimistic about hitting its ambitious monthly remittance goals.
“This platform goes beyond financial access—it’s about inclusion, innovation, and shared national prosperity,” said Cardoso.
“We urge all stakeholders, including International Money Transfer Operators (IMTOs), to integrate with the NRBVN platform and adhere strictly to FX regulations to ensure market stability.”
Also speaking at the event, the Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described the NRBVN as a “game changer.”
The event also featured a presentation by Premier Oiwoh, MD/CEO of NIBSS, followed by a panel discussion with key industry players.