By Charles Maduka
The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched a new Non-Resident Bank Verification Number (NRBVN) platform to expand financial access for Nigerians living abroad.
The innovation allows Nigerians in the diaspora to register for their BVN remotely, eliminating the long-standing requirement to physically visit Nigeria for verification.
Speaking during the launch event in Abuja, CBN Governor Olayemi Cardoso hailed the initiative as a major step in the country’s financial inclusion efforts. According to him, the NRBVN will make it easier and more affordable for Nigerians abroad to engage with the country’s financial system.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements. The NRBVN changes that,” Cardoso said, adding that the new system is built on strong digital verification and Know Your Customer (KYC) protocols.
He noted that the initiative reflects a broader push to build an inclusive and secure financial ecosystem for Nigerians across the globe. Cardoso also revealed that remittance inflows grew from \$3.3 billion in 2023 to \$4.73 billion in 2024, attributing the increase to recent policy reforms, including the willing buyer, willing seller foreign exchange model.
With the NRBVN now live, the CBN is aiming for a monthly remittance target of \$1 billion.
“We are optimistic about achieving our ambitious goal of \$1bn monthly remittances with this platform and supporting policies,” Cardoso said.
The Managing Director of NIBSS, Premier Oiwoh, provided technical insights into the platform, stressing that it meets global anti-money laundering and KYC standards, ensuring secure and transparent operations.
Also speaking at the event, the CBN Deputy Governor for Economic Policy, Muhammad Abdullahi, described the NRBVN as a transformative solution that will enhance the banking experience for Nigerians in the diaspora and strengthen their economic ties with the country.
“This marks the beginning of a stronger, more meaningful connection between Nigeria and its global citizens,” Abdullahi said.
The NRBVN is part of a wider strategy that includes other initiatives such as the Non-Resident Ordinary Account and the Non-Resident Nigerian Investment Account, designed to offer diaspora Nigerians access to savings, mortgages, pensions, insurance, and capital market investments. Under existing guidelines, they are also allowed to repatriate investment proceeds.
With this move, the CBN aims to not only improve financial inclusion but also harness the full economic potential of Nigeria’s global community.
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