From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN) has intensified efforts to expand financial access for Nigerians abroad by officially launching the Non-Resident Bank Verification Number (NRBVN) platform.
The initiative, developed in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), is expected to ease financial access for diaspora Nigerians and drive increased remittance inflows into the country.
Speaking at the launch in Abuja on Tuesday, the CBN Governor, Olayemi Cardoso described the NRBVN as a major step toward economic integration and inclusive growth.
He said that the platform eliminates the physical verification previously required for obtaining a BVN, removing significant cost and time barriers for non-resident Nigerians, especially those in remote areas.
“Through digital verification and robust Know Your Customer (KYC) processes, Nigerians across the globe can now remotely obtain their BVN swiftly and securely. This single digital gateway will enable seamless access to banking services, including opening accounts and securely sending funds, enhancing convenience and reducing costs,” the Governor stated.
Cardoso drew parallels with successful diaspora banking frameworks in India and Pakistan, where customised products and digital onboarding mechanisms have attracted billions in diaspora investments.
He said Nigeria’s NRBVN platform, along with complementary initiatives such as the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA), is designed to provide similar investment opportunities in Nigeria’s debt, equity, mortgage, insurance, and pension markets.
He also encouraged Nigerian banks to actively develop financial products tailored to the unique needs of the diaspora community.
According to him, such offerings would deepen financial inclusion and increase remittance flows, which are already on the rise.
“Over the past year, our policy frameworks have undergone extensive refinements, informed by sustained dialogue with International Money Transfer Operators (IMTOs). The introduction of the willing buyer, willing seller regime, licensing of additional IMTOs, and market reforms that have facilitated currency convergence are notable examples. Consequently, remittance flows through official channels have risen markedly, from $3.3 billion in 2023 to $4.73 billion last year,” he said.
Looking ahead, the CBN said it is targeting $1 billion in monthly diaspora remittances. The Governor noted that this goal is achievable with growing trust in formal remittance channels and improved service delivery.
He also urged all stakeholders, including banks, IMTOs, and regulators, to ensure strict compliance with the FX Code and other regulatory frameworks to safeguard market integrity and stability.
“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,” the Governor said.
He added that the CBN remains committed to lowering the high cost of remittances in Sub-Saharan Africa, currently averaging over 7 percent.