The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has unveiled the Non-Resident Bank Verification Number (NRBVN) platform — a landmark initiative designed to expand financial inclusion for Nigerians in the diaspora and significantly increase formal remittance inflows.
Unveiled on Tuesday in Abuja, the digital platform enables Nigerians living abroad to remotely register for a Bank Verification Number (BVN) without being physically present in the country. The innovation is expected to help the CBN achieve its ambitious target of $1 billion in monthly diaspora remittances, or approximately $12 billion annually.
Speaking at the launch event, which drew top stakeholders from across the financial sector — including chief executives of commercial banks — CBN Governor Olayemi Cardoso described the NRBVN as a “milestone in Nigeria’s financial inclusion journey” and “a critical bridge connecting the country to its global citizens.”
“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 Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably.”
Highlighting the platform’s broader economic significance, Cardoso noted that the NRBVN could contribute to reducing the high cost of remittances in Sub-Saharan Africa, currently averaging over seven percent.
“The CBN remains committed to reducing the cost of remittances,” he said. “Lowering these costs enhances the safety and appeal of formal channels while amplifying the socioeconomic impact of diaspora remittances on Nigerian households and the broader economy.”
The NRBVN forms part of a wider framework that includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA), which collectively enable access to financial products such as savings, mortgages, insurance, pensions, and investments in Nigeria’s capital markets. Under existing regulations, diaspora Nigerians can repatriate investment proceeds freely.
Cardoso emphasized that the NRBVN is only the beginning: “This is not the final destination; it represents the beginning of a broader journey.”
Built to meet global standards, the NRBVN platform incorporates stringent Anti-Money Laundering (AML) and KYC compliance measures. Each enrollment undergoes thorough verification to guard against illicit activity, a feature designed to reinforce international trust in Nigeria’s financial system.
Recent CBN reforms — including the adoption of the willing buyer, willing seller foreign exchange regime — have already helped push formal remittance flows from $3.3 billion in 2023 to $4.73 billion in 2024. With the NRBVN now operational, the apex bank is optimistic about hitting its $1 billion per month remittance goal.
“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” Cardoso stated. “This platform is not just about financial access; it’s about national inclusion, innovation, and shared prosperity.”
He added that achieving these targets will require cooperation across the board: “To meet these targets, collaboration and compliance with established regulatory frameworks remain essential. All stakeholders must adhere strictly to the FX Code and other relevant regulatory guidelines. This is critical to ensuring market stability, integrity, and overall confidence in Nigeria’s financial system.”
Cardoso also extended an invitation to International Money Transfer Operators (IMTOs) to integrate with the NRBVN platform as part of a shared vision to strengthen Nigeria’s remittance infrastructure. “A fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted and cost-effective channels,” he said.
Chairman and Chief Executive of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described the NRBVN as a “game changer” for diaspora engagement.
The launch event also featured a presentation by NIBSS Managing Director/CEO Premier Oiwoh and a panel discussion involving key industry stakeholders.
