The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched a new digital platform designed to revolutionise financial access for Nigerians living abroad. The Non-Resident Bank Verification Number (NRBVN) platform was officially unveiled on Tuesday in Abuja and is set to simplify the process for diaspora Nigerians to obtain their BVN without needing to be physically present in Nigeria.
The launch of the NRBVN platform marks a significant step in the CBN’s ongoing drive to enhance financial inclusion and integrate the Nigerian diaspora into the national economic framework. With the platform, Nigerians residing overseas will be able to access critical banking services more efficiently, maintaining a strong connection to Nigeria’s financial ecosystem.
Speaking at the event, CBN Governor, Mr Olayemi Cardoso, praised the development as a key advancement in closing the financial gap between Nigeria and its citizens abroad. He pointed out that the platform directly addresses the difficulties previously encountered by Nigerians overseas who were required to return home 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 further stated that the NRBVN platform will not only improve access to financial services but also foster national development through innovation and inclusion. He urged banks, fintech firms, and International Money Transfer Operators (IMTOs) to work collectively to enhance and integrate the platform within Nigeria’s broader financial services architecture.
The initiative is expected to play a pivotal role in boosting remittance inflows, which have already shown notable growth. Data indicates that formal remittances rose from $3.3 billion in 2023 to $4.73 billion in 2024, supported by reforms such as the willing buyer, willing seller foreign exchange policy.
With the NRBVN in place, the CBN has set an ambitious target of achieving $1 billion in monthly remittances. Cardoso expressed optimism that this goal is within reach, citing increased trust in official remittance channels and the ease offered by the new platform.
“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 reaffirmed the CBN’s resolve to cut the cost of sending money to Nigeria, noting that the average cost of remittances in Sub-Saharan Africa remains above 7%. The NRBVN is expected to bring this down, making formal remittance options more affordable for Nigerians abroad.
Beyond BVN registration, the NRBVN platform is part of a comprehensive framework to broaden financial access for the diaspora. It enables access to Non-Resident Ordinary Accounts (NROA) and Non-Resident Nigerian Investment Accounts (NRNIA), offering services such as savings, insurance, pensions, mortgages, and investments in the Nigerian capital market.
Current policies also allow diaspora Nigerians to repatriate returns from their investments, a move aimed at enhancing the appeal of Nigerian markets and encouraging more cross-border financial engagement.
Security and compliance remain at the heart of the platform. Every NRBVN registration undergoes rigorous verification, with integrated Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures in place to uphold financial transparency and system integrity.
Presenting the technical blueprint of the platform, Mr Premier Oiwoh, Managing Director/CEO of NIBSS, assured stakeholders that the NRBVN adheres to global standards, offering secure, reliable, and internationally credible infrastructure for all transactions.