The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform, enabling Nigerians in the diaspora to obtain a BVN remotely.
The launch event held in Abuja on Monday saw CBN Governor Olayemi Cardoso describe the platform as “a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to its global citizens.”
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said.
“The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably.”
Cardoso noted that the NRBVN was not the final destination but “the beginning of a broader journey” toward a more inclusive financial ecosystem.
He called on banks, fintechs, and International Money Transfer Operators (IMTOs) to integrate with the platform and help refine it as it evolves.
Recent reforms, including the introduction of the willing buyer, willing seller foreign exchange regime, have seen formal remittance flows increase from $3.3billion in 2023 to $4.73billion in 2024.
With the NRBVN in place, the CBN is optimistic about hitting a $1billion monthly remittance target.
“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” the governor said.
“This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”
Cardoso also pledged to work with stakeholders, particularly banks and NIBSS, to explore ways of reducing the high cost of remittances in Sub-Saharan Africa.
