The Central Bank of Nigeria in collaboration with the Nigeria Inter-Bank Settlement System, on Tuesday officially inaugurated the Non-Resident Bank Verification Number (NRBVN) platform in Abuja.
According to the apex bank, this innovative digital gateway allows Nigerians in the diaspora to obtain a BVN remotely without the need for a physical presence in Nigeria.
The CBN Governor, Mr Yemi Cardoso, described the initiative as a milestone in Nigeriaโs financial inclusion journey and a critical bridge connecting the country to its global citizens.
โFor too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements.
โThe NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably,โ he said.
Cardoso described the NRBVN as a dynamic platform.
โIt is not the final destination, but it is the beginning of a broader journey.
โStakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs) are encouraged to integrate and collaborate in shaping and refining the system as it evolves,โ he said.
He said that remittance flows through formal channels increased from 3.3 billion dollars in 2023 to 4.73 billion dollars in 2024, due to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.
According to him, with the NRBVN in place, the CBN is optimistic about reaching its one billion dollars monthly remittance target.
โWe are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally.
โThis platform is not just about financial access, it is about national inclusion, innovation, and shared prosperity,โ he said.
Cardoso also reiterated the apex bankโs commitment to reducing the high cost of remittances in Sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform.
In his remarks, Muhammad Abdullahi, CBNโs Deputy Governor, Economic Policy Directorate, said that the NRBVN stood as a transformative tool, meticulously designed to enhance the banking experience for our diaspora community.
Abdullahi said that by providing secure, remote access to financial services, the platform simplifies the process of maintaining robust banking relationships, facilitating meaningful investments in Nigeria, and supporting the seamless flow of remittances.
โIt is our firm belief that this initiative will not only strengthen economic ties, it will also foster a sense of pride and belonging among Nigerians worldwide, encouraging them to play an even greater role in our nationโs development,โ he said.
The inaugurated also featured a presentation by the Managing Director of NIBSS, Mr Premier Oiwoh, and a panel discussion with key industry stakeholders.
The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).
Together, they enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeriaโs capital markets.
Under current regulations, Nigerians in the diaspora will retain the flexibility to repatriate the proceeds of their investments.
Importantly, the NRBVN system has been built with global standards in mind, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeriaโs financial system.
Every NRBVN enrollment undergoes comprehensive verification checks to safeguard against illicit financial activity, bolstering international confidence in the platform and the broader financial ecosystem. (NAN)
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