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), a digital platform that allows Nigerians in the diaspora to obtain a BVN without being physically present in the country.
Launched on Tuesday, the platform is expected to help the CBN achieve its monthly diaspora remittance target of $1 billion, amounting to about $12 billion annually.
Speaking at the launch in Abuja, which was attended by top banking executives and other financial stakeholders, CBN Governor Olayemi Cardoso described the NRBVN as a major step towards deepening financial inclusion and creating stronger ties with Nigerians abroad.
He explained that the platform would reduce the cost of remittances in Sub-Saharan Africa, currently averaging over seven per cent, and help promote the use of formal channels by making access to financial services easier and more secure for Nigerians abroad.
Cardoso said the NRBVN eliminates long-standing challenges faced by Nigerians overseas who previously needed to return home for physical verification.
He said the new system, which features secure digital identification and strict Know Your Customer (KYC) protocols, would make banking services more accessible, affordable, and transparent.
Describing the launch as the beginning of a broader journey, the governor noted that the NRBVN is part of a wider framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA). These allow access to savings, mortgages, pensions, insurance, and investments in Nigeria’s capital markets.
Under current regulations, diaspora Nigerians retain the right to repatriate the proceeds of their investments.
The NRBVN platform is built in line with global standards, incorporating strong Anti-Money Laundering (AML) and compliance protocols to maintain the integrity of the financial system.
Each enrolment is subjected to strict verification to prevent financial crimes, enhance transparency, and build international confidence in the system.
Cardoso noted that remittances through formal channels grew from $3.3 billion in 2023 to $4.73 billion in 2024, driven by policy reforms such as the willing buyer, willing seller foreign exchange regime.
He expressed optimism that the introduction of NRBVN, along with other policy measures, would help the CBN meet its ambitious remittance goals.
He emphasised that collaboration and strict adherence to regulatory guidelines, including the Foreign Exchange Code, would be crucial to achieving this.
He also urged International Money Transfer Operators (IMTOs) to integrate with the NRBVN platform, noting that a fully connected and compliant system would enable Nigerians abroad to contribute to national development through trusted, efficient, and cost-effective channels.
Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described the launch as a game changer. The event also featured a presentation by NIBSS Managing Director and Chief Executive Officer, Premier Oiwoh, and a panel discussion with key stakeholders from the financial industry.
