Abuja, Nigeria – In a strategic move aimed at strengthening financial inclusion and boosting diaspora remittances, 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 designed to enable Nigerians living abroad to obtain a Bank Verification Number remotely.
Unveiled on Tuesday in Abuja, the NRBVN is part of the apex bank’s broader effort to achieve a $1 billion monthly remittance target, translating to approximately $12 billion annually. By eliminating the need for physical presence in Nigeria for BVN enrollment, the new platform provides a secure, accessible, and convenient channel for Nigerians in the diaspora to connect with the domestic financial system.
Speaking at the launch event, CBN Governor Olayemi Cardoso described the initiative as a “milestone” in the country’s financial inclusion agenda. He emphasized that the platform is expected to lower the cost of remittances across Sub-Saharan Africa—currently averaging over 7%—while enhancing the security and appeal of formal remittance channels.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso stated. “The NRBVN changes that. Through secure digital verification and robust KYC processes, Nigerians worldwide can now access financial services more easily and affordably.”
The NRBVN is designed to integrate seamlessly with other CBN frameworks such as the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA). Together, these initiatives provide diaspora Nigerians with access to savings, insurance, pensions, mortgages, and opportunities in Nigeria’s capital markets.
Cardoso also reaffirmed the CBN’s commitment to transparency and financial integrity, highlighting that the NRBVN platform incorporates stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance protocols. Each enrollment undergoes rigorous verification checks to prevent financial misconduct and reinforce international confidence in Nigeria’s financial system.
Recent policy reforms, including the adoption of the “willing buyer, willing seller” foreign exchange regime, have already led to a surge in formal remittance inflows—from $3.3 billion in 2023 to $4.73 billion in 2024. The CBN believes that the introduction of NRBVN will further accelerate this trend and help meet its ambitious targets.
“This platform is not just about financial access,” Cardoso added. “It’s about national inclusion, innovation, and shared prosperity. With the introduction of NRBVN and complementary policies, we are optimistic about achieving our $1 billion monthly remittance goal.”
The Governor called on all stakeholders, including International Money Transfer Operators (IMTOs), to integrate with the NRBVN platform and adhere to regulatory guidelines, particularly the FX Code. He emphasized that sustained collaboration and regulatory compliance are critical to maintaining market stability and investor confidence.
Also speaking at the event, the Chairman/Chief Executive of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, lauded the initiative as a “game changer” for diaspora engagement. The event featured a detailed presentation by Premier Oiwoh, Managing Director and CEO of NIBSS, followed by a panel discussion with key stakeholders in the financial services sector.
With the NRBVN platform now live, the CBN aims to establish a more secure, efficient, and inclusive financial ecosystem that empowers Nigerians abroad to contribute more effectively to national development.
