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, a major step towards deepening financial inclusion for Nigerians living abroad.
Unveiled in Abuja on Tuesday, the new digital platform allows non-resident Nigerians to obtain their Bank Verification Numbers (BVNs) remotely eliminating the need for physical presence in Nigeria. This development is expected to significantly increase diaspora remittance flows, with projections suggesting a potential quadrupling of current inflows and the attainment of the $1 billion monthly remittance target.
CBN Governor Olayemi Cardoso described the NRBVN as a transformative milestone that would open up the Nigerian financial system to citizens across the globe. He said the platform addresses long-standing access barriers by enabling secure digital verification and streamlined Know Your Customer (KYC) processes.
“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. Nigerians worldwide can now access financial services more easily and affordably.”
He emphasised that the platform is not a standalone solution but part of a broader, long-term strategy to build a more inclusive and efficient financial architecture. Banks, fintechs, and International Money Transfer Operators (IMTOs) are being encouraged to integrate with the NRBVN system to maximise its reach and impact.
Nigeria’s formal remittance inflows have continued to grow, rising from $3.3 billion in 2023 to $4.73 billion in 2024 largely due to recent reforms such as the “willing buyer, willing seller” foreign exchange policy. With the NRBVN now in place, the CBN is optimistic about unlocking even greater foreign exchange inflows and strengthening the nation’s external reserves.
“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” Cardoso added. “This is about more than just financial access—it is about innovation, national inclusion, and shared prosperity.”
Also speaking at the launch, NIBSS Managing Director/CEO Mr Premier Oiwoh highlighted the platform’s role in eliminating informal and unsafe money transfer methods still used in some parts of the diaspora.
“Today, in some parts of London, people still use roadside kiosks to send money to Nigeria,” Oiwoh said. “With this platform, that era is over. From your living room, you can send money directly to your Nigerian account faster, more securely, and at a lower cost.”
He revealed that 27 Nigerian banks have already been integrated into the NRBVN portal, enabling users to open domiciliary accounts, transfer funds, and access a full suite of financial services remotely.
Oiwoh also underscored the platform’s potential to reduce the cost of remittances to Sub-Saharan Africa, one of the most expensive remittance corridors globally.
“Trust and convenience are key,” he noted. “We believe this system will boost user confidence and shift more transactions into the formal sector. The goal is to make remittances cheaper, safer, and more transparent.”
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The NRBVN forms part of a wider suite of financial instruments designed for the diaspora, including the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA), which offer access to savings, mortgages, insurance, pensions, and investments in Nigeria’s financial and capital markets. These accounts retain full repatriation rights under existing regulations.
Built to international standards, the NRBVN platform incorporates comprehensive Anti-Money Laundering (AML) measures and robust digital KYC protocols. Each enrolment undergoes stringent verification to prevent fraud, illicit financial flows, and identity theft safeguarding the integrity of Nigeria’s financial system.
“The platform is a strategic lever for strengthening financial integrity while giving global Nigerians more confidence to engage with the Nigerian economy,” Cardoso stated.
By extending digital banking access across borders and integrating remittance systems with modern technology, the CBN and NIBSS have taken a bold step towards harnessing the full economic potential of the Nigerian diaspora. With continued engagement and system refinement, the NRBVN is expected to become a cornerstone of the country’s long-term financial inclusion and economic growth strategy.
