ABUJA, NIGERIA – In a significant move aimed at enhancing financial inclusion and connecting with its global citizens, the Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), yesterday launched the Non-Resident Bank Verification Number (NRBVN) platform. This innovative digital gateway will enable Nigerians living in the diaspora to obtain a Bank Verification Number (BVN) remotely, eliminating the need for physical presence in Nigeria.
Speaking at the launch event held in Abuja on Tuesday, the CBN Governor, Mr. Olayemi Cardoso, hailed the initiative as a crucial milestone in Nigeria’s financial inclusion strategy and a vital bridge linking the nation with its citizens worldwide.
“For too long, many Nigerians abroad have encountered hurdles in accessing financial services back home due to the necessity of physical verification,” stated Governor Cardoso. “The NRBVN revolutionizes this by providing secure digital verification and robust Know Your Customer (KYC) processes. Nigerians across the globe should now experience easier and more affordable access to financial services.”
Cardoso emphasized that the NRBVN is a dynamic platform, describing it as “not the final destination, but the beginning of a broader journey.” He urged stakeholders throughout the financial ecosystem, including banks, fintech companies, and International Money Transfer Operators (IMTOs), to actively integrate with the platform and collaborate in its ongoing development and refinement.
The CBN Governor highlighted the positive impact of recent reforms and policy changes, such as the introduction of the willing buyer, willing seller foreign exchange regime, which has led to a significant increase in formal remittance flows from $3.3 billion in 2023 to $4.73 billion in 2024. With the introduction of the NRBVN, the CBN expressed optimism about achieving its target of $1 billion in monthly remittances.
“We are constructing a secure, efficient, and inclusive financial ecosystem for Nigerians everywhere,” asserted Cardoso. “This platform transcends mere financial access; it embodies national inclusion, innovation, and shared prosperity.”
Governor Cardoso also reiterated the CBN’s dedication to reducing the high cost of remittances in Sub-Saharan Africa and pledged continued engagement with stakeholders to further optimize the NRBVN platform.
The launch event also featured a detailed presentation by the Managing Director/Chief Executive Officer of NIBSS, Mr. Premier Oiwoh, and an engaging panel discussion involving key players in the financial industry.
The NRBVN is an integral component of a broader framework that encompasses the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA). Collectively, these initiatives aim to provide Nigerians in the diaspora with access to a range of financial opportunities, including savings, mortgages, insurance, pensions, and investments in Nigeria’s capital markets. Current regulations ensure that Nigerians living abroad retain the flexibility to repatriate the proceeds of their investments.
Crucially, the NRBVN system has been developed in adherence to global standards, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols. This ensures the integrity, transparency, and security of Nigeria’s financial system. Each NRBVN enrollment undergoes thorough verification checks to safeguard against illicit financial activities, thereby bolstering international confidence in the platform and the wider financial ecosystem.
