In a major move to improve financial inclusion and bridge the gap between Nigeria and its global citizens, the Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform. This digital initiative allows Nigerians living abroad to obtain their Bank Verification Number (BVN) without having to return to Nigeria physically.
The BVN, introduced in 2014, was a major step in strengthening identity verification in the financial system. However, it posed a significant hurdle for Nigerians in the diaspora, who often found themselves cut off from Nigerian financial services due to the requirement for in-person registration. Now, with the NRBVN platform, that challenge is being addressed head-on.
At the official launch event held in Abuja, CBN Governor Mr. Olayemi Cardoso called the initiative a landmark achievement in Nigeria’s financial journey. He noted that the new platform would ease access to banking services for millions of Nigerians living abroad, providing a more seamless, secure, and affordable way to connect with financial institutions back home.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said. “The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide will now be able to access financial services more easily and affordably.”
He stressed that this move wasn’t just about convenience; it’s part of a broader vision to build a more inclusive and innovative financial ecosystem. “This platform is not just about financial access,” he said. “It’s about national inclusion, innovation, and shared prosperity.”
The launch also came with some promising figures. Remittance flows into Nigeria grew from \$3.3 billion in 2023 to \$4.73 billion in 2024—a significant jump that Cardoso attributed to key policy reforms, including the introduction of the willing buyer, willing seller foreign exchange regime. With the NRBVN platform now in place, the CBN is aiming even higher, targeting \$1 billion in monthly remittances.
Mr. Premier Oiwoh, the Managing Director and CEO of NIBSS, presented the operational details of the NRBVN platform. He assured that the platform meets global standards, with a strong focus on transparency, data protection, and anti-money laundering compliance. This, he explained, is essential in ensuring that both the Nigerian financial system and its diaspora users are protected.
Also addressing the event was CBN Deputy Governor of Economic Policy, Mr. Muhammad Abdullahi, who described the NRBVN as more than just a digital service—it’s a tool for transformation. He encouraged collaboration across the financial ecosystem, urging banks, fintech companies, and money transfer operators to work together to refine and enhance the platform.
“Together, we stand at the threshold of a new era,” Abdullahi said. “We are poised to deepen the trust, enhance remittance growth, and forge a stronger, more meaningful connection between Nigeria and its global citizens.”
Importantly, the NRBVN is part of a broader strategy to integrate Nigerians in the diaspora into the country’s financial life. The platform complements other initiatives like the Non-Resident Ordinary Account and Non-Resident Nigerian Investment Account, which offer access to savings, investment opportunities, insurance, mortgages, and even pension services—all from abroad. Nigerians will also retain the ability to repatriate the proceeds of their investments under current regulations.
The launch of the NRBVN marks a turning point in Nigeria’s financial inclusion narrative. It’s a clear message that the CBN is not only listening to the concerns of Nigerians abroad but is also taking proactive steps to bring them into the fold. By eliminating one of the most difficult barriers—physical presence—Nigeria is extending a digital bridge to its diaspora, inviting them to participate more fully in the country’s economic life.
The initiative signals a broader commitment to innovation and inclusiveness, and as the platform evolves, stakeholders from all sectors will be instrumental in shaping its success. With greater access, more trust, and seamless financial engagement, the NRBVN is a bold step toward a future where no Nigerian is left behind—no matter where in the world they live.
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