The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched a new digital platform called the Non-Resident Bank Verification Number (NRBVN). This platform allows Nigerians living abroad to register for a BVN without travelling to Nigeria.
Speaking at the launch in Abuja, CBN Governor Olayemi Cardoso described the initiative as a major step towards financial inclusion for Nigerians in the diaspora. He noted that the platform will remove the long standing barrier of physical verification, making it easier for Nigerians abroad to access banking services at home.
“With secure digital verification and strong Know Your Customer (KYC) processes, Nigerians across the world can now open and operate accounts more easily,” Cardoso said. He also highlighted that the NRBVN is part of a broader effort to connect Nigeria to its citizens globally.
The Governor urged banks, fintech companies and international money transfer operators to collaborate and support the system as it grows. He added that the platform is aimed at boosting financial access, driving innovation and promoting inclusive economic growth.
According to the CBN, remittance inflows increased from $3.3 billion in 2023 to $4.73 billion in 2024 due to recent policy changes, including the willing buyer, willing seller foreign exchange system. With the NRBVN now active, the apex bank hopes to reach its $1 billion monthly remittance goal.
Cardoso also reaffirmed the CBN’s commitment to lowering the cost of remittance in Sub-Saharan Africa and promised continued engagement with key stakeholders to improve the new platform.