The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has introduced a new digital solution—the Non-Resident Bank Verification Number (NRBVN) platform—designed to streamline financial access for Nigerians living overseas.
Officially launched in Abuja on Tuesday, this innovative system enables citizens residing abroad to register for their BVN without traveling to Nigeria, addressing a long-standing barrier tied to physical verification.
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During the unveiling ceremony, CBN Governor Olayemi Cardoso emphasized the significance of the initiative in advancing the bank’s ongoing financial inclusion strategy, particularly for Nigerians scattered across the globe.
“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.”
He noted that beyond improving accessibility, the platform is poised to foster innovation and strengthen public confidence in the country’s financial infrastructure.
“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” he said.
“This platform is not just about financial access—it’s about national inclusion, innovation, and shared prosperity.”
Cardoso also highlighted the critical role of diaspora remittances, revealing a sharp increase from $3.3 billion in 2023 to $4.73 billion in 2024—a growth trend he attributed to recent adjustments in Nigeria’s foreign exchange policies.
“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1bn in monthly remittance flows,” Cardoso added.
Providing further insight into the new platform, NIBSS Managing Director and CEO, Premier Oiwoh, explained that the NRBVN was developed in alignment with global regulatory standards, including anti-money laundering (AML) and know-your-customer (KYC) protocols.
He stressed its security, transparency, and user-friendliness for Nigerians abroad.
Muhammad Abdullahi, CBN’s Deputy Governor for Economic Policy, described the NRBVN as a pivotal development that would enhance financial connectivity with Nigerians in the diaspora.
“Together, we stand at the threshold of a new era, poised to deepen trust, enhance remittance growth, and forge a stronger connection between Nigeria and its global citizens,” he said.
The NRBVN complements other initiatives under a broader framework tailored for non-resident Nigerians.
These include the Non-Resident Ordinary Account and the Non-Resident Nigerian Investment Account, both of which provide access to various financial products such as savings, mortgages, pensions, insurance, and investment opportunities within Nigeria’s financial system.
, in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has introduced a new digital solution—the Non-Resident Bank Verification Number (NRBVN) platform—designed to streamline financial access for Nigerians living overseas.){kind=link}