In a landmark move to enhance financial inclusion and streamline access to banking services for Nigerians abroad, 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.
The newly unveiled digital platform allows Nigerians in the diaspora to secure a Bank Verification Number (BVN) remotely, eliminating the long-standing requirement of physical presence in Nigeria.
Speaking at the launch event in Abuja, CBN Governor Olayemi Cardoso described the development as a “milestone in Nigeria’s financial inclusion journey” and “a critical bridge connecting the country to its global citizens.”
“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 KYC processes, Nigerians worldwide can now access financial services more easily and affordably.”
Governor Cardoso emphasized that the NRBVN is just the beginning of a broader transformation.
“This is a dynamic platform, not the final destination,” he said. “We invite banks, fintechs, and International Money Transfer Operators (IMTOs) to collaborate as we refine and expand the system.”
The launch comes amid rising remittance inflows, which climbed from $3.3 billion in 2023 to $4.73 billion in 2024, driven by reforms such as the willing buyer, willing seller foreign exchange regime. With the NRBVN now operational, the CBN is optimistic about achieving its ambitious target of $1 billion in monthly diaspora remittances.
Cardoso reaffirmed the apex bank’s commitment to lowering the cost of remittances in Sub-Saharan Africa and ensuring that Nigerian diasporans have an affordable, secure, and inclusive gateway to participate in the nation’s financial system.
“This platform is not just about financial access,” he noted, “It’s about national inclusion, innovation, and shared prosperity.”
The CBN also announced plans to engage key stakeholders—including commercial banks and NIBSS—to explore strategies for optimising the platform and reducing remittance costs.
