Abuja, Nigeria – The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has officially launched the Non-Resident Bank Verification Number (NRBVN) platform—an innovative digital solution aimed at boosting diaspora remittances and enhancing financial inclusion for Nigerians abroad.
Unveiled at a stakeholder event in Abuja on Tuesday, the NRBVN allows Nigerians in the diaspora to seamlessly obtain a BVN from anywhere in the world, eliminating the need for physical presence. This strategic move is central to the CBN’s goal of achieving $1 billion in monthly diaspora remittances, translating to an estimated $12 billion annually.
CBN Governor Olayemi Cardoso described the platform as a transformative step toward a more inclusive and globally integrated financial ecosystem. He emphasized that the digital gateway removes longstanding barriers that have restricted access to Nigeria’s financial services by overseas citizens.
“The NRBVN is a milestone in bridging the gap between Nigeria and its global citizens,” Cardoso said. “It enhances trust, improves affordability, and expands access to secure financial services through stringent KYC and AML protocols.”
🌐 Reducing Cost, Increasing Impact
The governor highlighted that the average cost of sending money to Sub-Saharan Africa remains over 7%—a figure the CBN is actively working to reduce through technology-driven reforms like the NRBVN.
According to the CBN, formal remittance inflows grew from $3.3 billion in 2023 to $4.73 billion in 2024, thanks in part to initiatives such as the willing buyer, willing seller FX regime and the introduction of more transparent channels.
“With NRBVN, we’re not just providing digital access—we’re fostering innovation, national inclusion, and shared prosperity,” Cardoso added.
🏦 Broader Financial Access for Nigerians Abroad
The platform forms part of a comprehensive financial framework that includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA). These options give Nigerians abroad access to a wide range of services including savings, mortgages, pensions, and participation in Nigeria’s capital markets.
Importantly, the NRBVN system is designed with global regulatory standards in mind, incorporating Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols to ensure full transparency and trust.
🤝 Stakeholder Support and Global Integration
Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, called the NRBVN a “game changer” in connecting diaspora Nigerians to national development efforts. The launch also featured a panel of experts and a presentation by Premier Oiwoh, CEO of NIBSS.
The CBN is encouraging International Money Transfer Operators (IMTOs) to integrate with the NRBVN system, reinforcing its commitment to a secure, efficient, and inclusive financial environment for all Nigerians, regardless of location.
