The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has officially introduced the Non-Resident Bank Verification Number (NRBVN) platform. This new initiative allows Nigerians living abroad to obtain a Bank Verification Number (BVN) remotely, eliminating the need for physical presence in Nigeria.
At the launch event in Abuja, CBN Governor Olayemi Cardoso hailed the platform as a significant advancement in Nigeria’s journey toward greater financial inclusion. He emphasized that the NRBVN would serve as a crucial connection between Nigeria and its citizens living abroad, helping them access essential financial services. Cardoso acknowledged that for years, Nigerians in the diaspora faced challenges accessing services due to the physical verification requirements, which the new platform now addresses.
The NRBVN platform incorporates secure digital verification and robust Know Your Customer (KYC) processes, facilitating easier and more affordable access to financial services for Nigerians worldwide. The Governor also stated that the NRBVN is just beginning a larger effort to create a dynamic and inclusive financial system.
Various stakeholders, including banks, fintechs, and International Money Transfer Operators (IMTOs), have been urged to collaborate in refining the platform as it evolves. The introduction of the NRBVN comes as formal remittance inflows to Nigeria increased from $3.3 billion in 2023 to $4.73 billion in 2024, supported by recent policy reforms, such as the willing buyer, willing seller foreign exchange regime. With the NRBVN in place, the CBN aims to achieve its target of $1 billion in monthly remittances.
Governor Cardoso reiterated the CBN’s commitment to reducing the high cost of remittances in Sub-Saharan Africa, assuring that the Bank will continue to engage stakeholders to optimize the platform and further reduce remittance costs.
