•Bank Verification Number (BVN)
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 for Nigerians in diaspora.
Launched yesterday, the innovative digital gateway, which is projected to actualise the CBN’s $1 billion monthly diaspora remittances target and about $12 billion annually, allows Nigerians in the diaspora to obtain a BVN remotely without the need for a physical presence in the country, reports Channels TV.
Speaking at the launch attended by stakeholders in the financial ecosystem, including the chief executives of commercial banks in Abuja, CBN Governor, Olayemi Cardoso, hailed the initiative as a milestone in the country’s financial inclusion journey and a critical bridge connecting the country to its global citizens.
The CBN governor also hinted that the initiative could reduce the high cost of remittances in Sub-Saharan Africa and ensure continued engagement with stakeholders to optimise the platform.
He said the CBN remained committed to reducing the cost of remittances, currently averaging over seven per cent in Sub-Saharan Africa, adding that lowering these costs would enhance the safety and appeal of formal channels while amplifying the socioeconomic impact of diaspora remittances on Nigerian households and the broader economy.
Cardoso said, “For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements.
“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.”
He said, though not the final destination, the NRBVN represented the “beginning of a broader journey.”
The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).
Together, these enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.
Under current regulations, Nigerians in the diaspora will retain the flexibility to repatriate the proceeds of their investments.
Essentially, the NRBVN system has been built with global standards in mind, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system.
Every NRBVN enrollment undergoes comprehensive verification checks to safeguard against illicit financial activity, bolstering international confidence in the platform and the broader financial ecosystem.
Remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024, due to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.
With the NRBVN in place, the CBN is optimistic about reaching its monthly remittance target.
Cardoso added, “We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally. This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.
“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels.
“To meet these targets, collaboration and compliance with established regulatory frameworks remain essential. All stakeholders must adhere strictly to the FX Code and other relevant regulatory guidelines.”
He said, “This is critical to ensuring market stability, integrity, and overall confidence in Nigeria’s financial system.
“We also invite IMTOs to integrate with the NRBVN platform as part of our shared vision to build a secure, efficient, and inclusive financial ecosystem for Nigerians globally.
“A fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted and cost-effective channels.”
Chairman/Chief Executive, Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described NRBVN as a game changer.
The launch also featured a presentation by the Managing Director/Chief Executive Officer of NIBSS, Premier Oiwoh, and a panel discussion with key industry stakeholders.
