In a significant step toward enhancing financial inclusion, the Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched a new digital solution — the Non-Resident Bank Verification Number (NRBVN) platform — tailored for Nigerians in the diaspora.
The new method, which was introduced in Abuja on Tuesday, will make it possible for Nigerians living abroad to get their BVN electronically, doing away with the need to travel to Nigeria for verification.
CBN Governor Olayemi Cardoso, speaking during the launch, said the NRBVN platform represents a strategic breakthrough in the apex bank’s financial inclusion efforts. He explained that the solution addresses the long-standing challenge faced by Nigerians abroad in accessing banking and other financial services due to in-person verification processes.
“For many years, our fellow Nigerians overseas have struggled to gain access to financial services back home due to rigid physical verification requirements,” Cardoso said.
“With the NRBVN platform, we are leveraging secure digital verification and comprehensive KYC procedures to provide easier and more affordable access to financial services globally.”
Cardoso emphasized that the initiative will not only broaden financial access but also inspire innovation and strengthen trust in the financial architecture of the country.
“This isn’t just a tool for financial convenience; it’s a vehicle for national inclusion, technological progress, and shared economic prosperity,” he added.
Highlighting the growing importance of diaspora remittances to Nigeria’s economy, Cardoso noted that remittance inflows increased from $3.3 billion in 2023 to $4.73 billion in 2024, partly due to recent foreign exchange reforms. He expressed confidence that the NRBVN could help push remittance inflows to a monthly target of $1 billion.
“With initiatives like the NRBVN and related policy enhancements, we’re optimistic about hitting our ambitious $1 billion monthly remittance target,” he said.
Platform Aligned With Global Standards
Premier Oiwoh, Managing Director and CEO of NIBSS, provided insights into the technical structure of the NRBVN platform. He assured stakeholders that the system is designed to meet international standards on Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance.
Oiwoh emphasized that the platform prioritizes transparency, user-friendliness, and high-level security for diaspora users.
Also addressing the gathering, Muhammad Abdullahi, Deputy Governor of Economic Policy at the CBN, described the NRBVN as a pivotal instrument for enhancing economic bonds between Nigeria and its global diaspora.
“We are on the brink of a new financial era that will strengthen remittance flows, deepen trust, and create a lasting connection between Nigeria and its citizens around the world,” he said.
In order to increase access to savings accounts, mortgage plans, pension schemes, insurance, and other investment opportunities for Nigerians residing overseas, the NRBVN platform is a part of a larger ecosystem that also includes services like the Non-Resident Ordinary Account and the Non-Resident Nigerian Investment Account.
