By Ayomide Otitoju
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, enabling Nigerians in the diaspora to obtain a Bank Verification Number remotely without needing to visit Nigeria.
Unveiled on Tuesday in Abuja, the digital platform is expected to significantly boost diaspora remittances, helping the CBN meet its target of $1 billion in monthly inflows, or $12 billion annually. The initiative is part of broader efforts to deepen financial inclusion, reduce remittance costs, and enhance the participation of Nigerians abroad in the country’s financial system.
Speaking at the launch attended by stakeholders and bank CEOs, CBN Governor Olayemi Cardoso described the NRBVN as a “landmark achievement” that connects Nigeria’s financial system to its global citizens.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements. The NRBVN changes that,” Cardoso said. “Through secure digital verification and robust KYC processes, Nigerians worldwide can now access financial services more easily and affordably.”
The governor emphasised that the NRBVN will support formal remittance flows by offering a trusted, cost-effective, and compliant digital gateway. He noted that reducing remittance costs—currently over seven percent on average in Sub-Saharan Africa—would encourage more inflows and improve the livelihoods of recipient households in Nigeria.
The NRBVN is part of a larger framework that includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA), which provide access to savings, mortgages, insurance, pensions, and investment opportunities within Nigeria’s capital markets. Nigerians abroad will retain the right to repatriate investment proceeds under current regulations.
Built to international standards, the NRBVN system integrates strict Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols. All enrolments are subject to comprehensive verification to guard against financial crime and enhance trust in Nigeria’s financial ecosystem.
According to the CBN, formal remittance inflows rose from $3.3 billion in 2023 to $4.73 billion in 2024, driven by recent policy reforms, including the “willing buyer, willing seller” foreign exchange framework.
Cardoso reiterated that collaboration with International Money Transfer Operators (IMTOs) and compliance with existing regulatory guidelines—such as the FX Code—are essential for market stability and sustained progress.
“This platform is not just about access; it’s about national inclusion, innovation, and shared prosperity,” he added.
Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, lauded the launch as a “game changer” for diaspora engagement.
The event also featured a technical presentation by NIBSS Managing Director/CEO, Premier Oiwoh, followed by a panel session with key industry stakeholders.
