From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), launched the Non-Resident Bank Verification Number (NRBVN) platform on Tuesday, May 13, in Abuja, aiming to enhance financial access for Nigerians abroad and increase remittance inflows.
CBN Governor Olayemi Cardoso, speaking at the launch, described the NRBVN as a pivotal step toward economic integration and inclusive growth.
“Through digital verification and robust Know Your Customer (KYC) processes, Nigerians across the globe can now remotely obtain their BVN swiftly and securely,” he said, noting that the platform eliminates the need for physical verification, reducing costs and time barriers for diaspora Nigerians.
Cardoso highlighted successful diaspora banking models in India and Pakistan, where digital onboarding has driven significant investments. He said the NRBVN, alongside initiatives like the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA), will enable Nigerians abroad to access savings, mortgages, insurance, pensions, and capital market investments.
“This single digital gateway will enable seamless access to banking services, including opening accounts and securely sending funds, dramatically enhancing convenience and reducing costs,” he added.
The governor urged Nigerian banks to develop tailored financial products for the diaspora to deepen financial inclusion and boost remittances, which rose from $3.3 billion in 2023 to $4.73 billion in 2024, driven by reforms like the willing buyer, willing seller FX regime and licensing of 62 additional International Money Transfer Operators (IMTOs).
“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows,” Cardoso said, citing growing trust in formal channels.
Cardoso emphasised compliance with the FX Code and regulatory frameworks to ensure market stability and called for efforts to lower Sub-Saharan Africa’s high remittance costs, averaging over 7%. “Today’s launch is not the final destination but the beginning of a broader journey. The NRBVN is a bridge between Nigeria and its global citizens,” he concluded.