In a bold move to deepen financial inclusion and unlock diaspora investment, the Central Bank of Nigeria (CBN) has launched the Non-Resident Bank Verification Number (NRBVN) system — a fully digital platform that allows Nigerians abroad to obtain a BVN without physical presence in Nigeria.
The groundbreaking initiative, unveiled in Abuja on Tuesday, is projected to actualise the CBN’s $1 billion monthly diaspora remittance target and potentially channel $12 billion annually through formal channels.
Speaking at the event attended by banking CEOs and key stakeholders, CBN Governor Olayemi Cardoso described NRBVN as a milestone in Nigeria’s financial inclusion journey, designed to bridge the gap between Nigeria and its global citizens.
“The NRBVN changes that. Through secure digital verification and robust KYC processes, Nigerians worldwide should now be able to access financial services more easily and affordably,” Cardoso said.
The CBN governor emphasized that the initiative would not only reduce the cost of remittances, which currently averages over 7% in Sub-Saharan Africa, but also increase the safety and appeal of formal financial channels. This, in turn, would boost the socioeconomic impact of diaspora inflows on Nigerian households and the national economy.
The NRBVN platform is part of a wider digital framework including the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA). These services will provide diaspora Nigerians access to savings, mortgages, insurance, pensions, and capital market investments — with full flexibility to repatriate investment proceeds.
“This platform is not just about financial access,” Cardoso noted. “It’s about national inclusion, innovation, and shared prosperity.”
Designed with global AML/KYC compliance standards, every NRBVN registration will undergo stringent verification to safeguard the integrity of Nigeria’s financial ecosystem. This is expected to strengthen international confidence and attract further participation from International Money Transfer Operators (IMTOs).
Remittance inflows have already shown strong improvement, rising from $3.3 billion in 2023 to $4.73 billion in 2024, buoyed by the willing buyer, willing seller FX regime and related reforms.
Abike Dabiri-Erewa, Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), described NRBVN as a “game changer”, marking a new era in diaspora engagement.
The launch also included a presentation by NIBSS CEO Premier Oiwoh and a panel session with industry leaders, further outlining the platform’s potential to reshape Nigeria’s financial landscape.
