The Central Bank of Nigeria, in partnership with the Nigeria Inter-Bank Settlement System, has unveiled the Non-Resident Bank Verification Number platform a new initiative designed to boost financial inclusion for Nigerians living abroad
This new system allows Nigerians in the diaspora to register for their Bank Verification Number remotely, eliminating the need to be physically present in Nigeria.
At the launch event in Abuja, the CBN Governor, Mr. Olayemi Cardoso, highlighted the platform as a significant milestone in advancing Nigeria’s financial inclusion agenda. He emphasized that the Non-Resident BVN will help resolve the persistent difficulties experienced by Nigerians in the diaspora who previously were required to be physically present in Nigeria to complete their BVN registration.
The Governor said that, “For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements.The NRBVN changes that. Through secure digital verification and robust Know Your Customer processes, Nigerians worldwide will now be able to access financial services more easily and affordably.”
Cardoso further added that the platform is not only designed to improve access to financial services but also to contribute to building a more inclusive and forward-looking financial ecosystem.
He stated that, “We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally. This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”
Cardoso also pointed to a notable increase in remittance flows, which rose from $3.3bn in 2023 to $4.73bn in 2024. He attributed this growth to a series of recent reforms, particularly introducing the willing buyer, willing seller FX regime. He added that with the introduction of the NRBVN, the CBN is aiming even higher, setting a target of $1bn in monthly remittances.
The event also featured a presentation by the Managing Director and CEO of NIBSS, Mr. Premier Oiwoh, who outlined the technical and operational framework of the NRBVN platform. He assured that the system aligns with global standards, incorporating strict Anti-Money Laundering and Know Your Customer measures to ensure both transparency and security.
Also speaking at the event, CBN Deputy Governor for Economic Policy, Mr. Muhammad Abdullahi, described the NRBVN as a game-changer for enhancing banking access for Nigerians abroad. He called on stakeholders to work together in continuously refining the platform to better serve the diaspora’s evolving needs.
The NRBVN platform is part of a wider initiative that includes the Non-Resident Ordinary Account and Non-Resident Nigerian Investment Account, which provide Nigerians in the diaspora with access to a range of financial services, including savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.
With the current regulations, diasporans will have the flexibility to repatriate the proceeds of their investments. The launch of the NRBVN platform signals a significant move by the CBN to deepen financial inclusion and harness the economic potential of Nigerians living abroad.
