The Central Bank of Nigeria (CBN) has launched a digital platform to help Nigerians abroad remotely obtain Bank Verification Numbers (BVNs), removing the need for physical verification in Nigeria—a major move to increase formal remittance flows and financial inclusion.
Why it matters
CBN is aiming to boost monthly diaspora remittances to $1 billion. The new Non-Resident Bank Verification Number (NRBVN) platform could help achieve that by streamlining access to Nigerian financial services for millions abroad.
Driving the news
- The NRBVN platform was launched in partnership with the Nigeria Inter-Bank Settlement System (NIBSS).
- It allows Nigerians in the diaspora to remotely register for a BVN using secure digital verification processes.
- It also opens access to Non-Resident Ordinary Accounts (NROA) and Non-Resident Nigerian Investment Accounts (NRNIA), enabling savings, investment, insurance, and pension services.
What they’re saying
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” said CBN Governor Olayemi Cardoso.
“The NRBVN changes that… Nigerians worldwide will now be able to access financial services more easily and affordably.”
Cardoso said the initiative would not only deepen financial inclusion but also build trust in formal remittance channels.
By the numbers
- Nigeria saw formal remittance inflows rise from $3.3B in 2023 to $4.73B in 2024, helped by FX market reforms.
- The NRBVN platform is targeting a $1B/month inflow benchmark.
- Sub-Saharan Africa’s average remittance cost is 7%+—a barrier CBN hopes to reduce through this initiative.
Zoom out
Diaspora Nigerians have long struggled to connect with the financial system due to strict identity verification rules.
The new platform incorporates global Anti-Money Laundering (AML) and Know Your Customer (KYC) standards to maintain compliance and trust.
What’s next
CBN is calling on banks, fintechs, and money transfer operators to collaborate and integrate NRBVN into broader financial services, including capital markets.
Between the lines
With investment repatriation now allowed, and seamless access to services like mortgages and pensions, Nigeria is betting on the diaspora not just to send money—but to invest.
Source: Nairametrics
