ABUJA, Nigeria – May 14 – The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has officially launched the Non-Resident Bank Verification Number (NRBVN) platform for Nigerians in the diaspora. The announcement, made on Tuesday, marks a significant step in enhancing financial inclusion for Nigerian citizens residing outside the country.
The NRBVN platform is designed to allow Nigerians abroad to obtain a Bank Verification Number (BVN) remotely, without the need for a physical presence in Nigeria. This new digital gateway is a key component of the CBN’s strategy to meet its ambitious goal of receiving $1 billion in monthly diaspora remittances, translating to about $12 billion annually.
During the launch event, which was attended by stakeholders from the financial sector, including chief executives of commercial banks, CBN Governor Olayemi Cardoso expressed his excitement about the initiative, describing it as a “milestone” in Nigeria’s financial inclusion journey. He emphasized that the NRBVN would play a crucial role in bridging the gap between Nigeria and its global citizens.
Cardoso also highlighted that the NRBVN initiative could help reduce the high cost of remittances in Sub-Saharan Africa, which currently averages over 7%. By facilitating easier and more affordable access to financial services, the initiative aims to enhance the use of formal channels for remittances, thus increasing their socioeconomic impact on Nigerian households and the national economy.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” said Cardoso. “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.”
The NRBVN platform is part of a broader financial framework that also includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA). These accounts allow Nigerians abroad to access a wide range of financial services, including savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.
Additionally, the NRBVN system adheres to global standards, incorporating strict Anti-Money Laundering (AML) and KYC compliance protocols. This ensures that the system remains secure, transparent, and free from illicit financial activities, thereby fostering international confidence in Nigeria’s financial system.
As of 2024, remittance flows through formal channels have increased significantly, from $3.3 billion in 2023 to $4.73 billion. The CBN is optimistic that with the NRBVN platform, it will be able to achieve its goal of $1 billion in monthly remittances.
CBN Governor Cardoso reiterated that collaboration with stakeholders and adherence to regulatory frameworks would be critical to the success of the NRBVN initiative. “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.”
The launch event also featured insights from Abike Dabiri-Erewa, Chairman/Chief Executive of the Nigerians in Diaspora Commission (NiDCOM), who described the NRBVN initiative as a “game-changer.” Presentations were also made by Premier Oiwoh, Managing Director/Chief Executive Officer of NIBSS, and key industry stakeholders participated in a panel discussion.
This new platform is set to transform the way Nigerians in the diaspora engage with the country’s financial system, providing them with more accessible, cost-effective, and secure financial services.
For more details, visit the official registration portal: www.diaspor.gov.az/qeydiyyat.
Contact Information:
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E-mail: youthcamp@diaspora.gov.az
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Tel: +994 12 493 10 54
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WhatsApp: +994 51 867 36 02
