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 in Abuja, marking a significant step forward in the country’s efforts to boost financial inclusion for Nigerians living abroad.
The new digital platform allows Nigerians in the diaspora to obtain their Bank Verification Number (BVN) remotely, eliminating the need for a physical presence in Nigeria. This move is expected to ease access to financial services for millions of Nigerians globally, providing a critical link to the country’s financial ecosystem.
CBN Governor, Mr. Yemi Cardoso, called the NRBVN initiative a milestone for Nigeria’s financial inclusion efforts. “For years, Nigerians abroad have struggled with accessing financial services due to the need for physical verification. With NRBVN, we’re offering a secure, efficient solution that will enhance their ability to engage with financial institutions back home,” he said.
Cardoso emphasized that the NRBVN platform is not just a singular achievement, but part of an ongoing journey towards broader financial connectivity. “This is the start of something larger. We urge stakeholders—banks, fintechs, and money transfer operators—to collaborate and help refine the system as it evolves,” he added.
The initiative is a strategic part of the CBN’s broader goal to boost remittances. Since reforms, remittance flows have increased from $3.3 billion in 2023 to $4.73 billion in 2024, and the central bank hopes the NRBVN will contribute to achieving its $1 billion monthly remittance target.
With this platform in place, Nigerians abroad can easily access services such as savings accounts, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets. The NRBVN is part of a comprehensive framework that also includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).
Muhammad Abdullahi, Deputy Governor of Economic Policy at CBN, highlighted the platform’s transformative nature, saying, “This is a tool designed to not only improve the banking experience for the diaspora but also encourage greater participation in Nigeria’s economic development.”
The launch event also featured a presentation by Premier Oiwoh, Managing Director of NIBSS, and a panel discussion with key industry players.
The NRBVN platform operates with robust Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols to ensure security and maintain trust in Nigeria’s financial system. These measures provide a secure environment for Nigerians in the diaspora to manage their financial activities and investments with confidence.
With global standards integrated into the system, the NRBVN initiative promises to transform how Nigerians abroad engage with their home country’s financial landscape, fostering stronger economic ties and shared prosperity for all.
