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The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), launched the Non-Resident Bank Verification Number (NRBVN) platform on Tuesday in Abuja.
As stated by the central bank, this groundbreaking digital gateway enables Nigerians living abroad to acquire a BVN remotely without the need to be physically present in Nigeria.
CBN governor, Yemi Cardoso, hailed the initiative as a significant milestone in Nigeria’s journey towards financial inclusion and a vital link connecting the nation to its citizens worldwide.
“For too long, many Nigerians overseas have encountered challenges in accessing financial services back home due to the need for physical verification.
The NRBVN addresses that issue. With secure digital verification and strong Know Your Customer (KYC) processes, Nigerians around the globe will now find it easier and more affordable to access financial services,” he explained.
Cardoso referred to the NRBVN as an evolving platform. “It is just the start of a broader journey, not the endpoint. We encourage stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs), to collaborate and contribute to the development and refinement of the system as it progresses,” he remarked.
He further stated that remittance flows through formal channels rose from $3.3 billion in 2023 to $4.73 billion in 2024, largely due to recent reforms and policy changes, such as the implementation of the willing buyer, willing seller foreign exchange regime.
He expressed optimism that with the NRBVN operational, the CBN aims to reach its goal of $1 billion in monthly remittances.
“This platform is not merely about financial access; it represents national inclusion, innovation, and shared prosperity,” he added.
Cardoso emphasized the apex bank’s dedication to lowering the high costs associated with remittances in Sub-Saharan Africa, as well as ensuring ongoing collaboration with stakeholders to enhance the platform.
CBN’s Deputy Governor for Economic Policy, Muhammad Abdullahi, described the NRBVN as a transformative tool aimed at improving the banking experience for the diaspora community.
He stated that by granting secure, remote access to financial services, the platform streamlines the maintenance of strong banking relationships, encourages meaningful investments in Nigeria, and ensures the smooth flow of remittances.
The inauguration event included a presentation by NIBSS managing director, Premier Oiwoh, and a panel discussion with key industry stakeholders.
The NRBVN is part of a larger framework that also features the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA), which provide access to savings, mortgages, insurance, pensions, and investment opportunities within Nigeria’s capital markets.
Under existing regulations, Nigerians living abroad will retain the option to repatriate the earnings from their investments.
