The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform, allowing Nigerians in the diaspora to obtain a BVN remotely without being physically present in the country.
The digital platform, introduced on Tuesday in Abuja, is designed to support the CBN’s goal of achieving $1 billion in monthly diaspora remittances—amounting to about $12 billion annually.
Speaking at the launch event, which drew stakeholders from the financial sector including chief executives of commercial banks, CBN Governor Olayemi Cardoso described the initiative as a significant step in Nigeria’s financial inclusion efforts and a vital link connecting the country to its global citizens.
Cardoso said the NRBVN would help reduce the high cost of remittances in Sub-Saharan Africa, which currently averages over seven percent. He added that lowering these costs would encourage the use of formal channels, improve security, and boost the impact of remittances on households and the broader Nigerian economy.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” he 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.”
The CBN said it will continue to engage stakeholders to ensure the platform’s optimization and long-term success.
