The Central Bank of Nigeria (CBN) has introduced a new digital system to allow Nigerians living overseas to remotely obtain a Bank Verification Number (BVN). This development is aimed at improving access to financial services for citizens outside the country.
According to a report by Leadership News, the new platform, called the Non-Resident Bank Verification Number (NRBVN), was created in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS). It enables Nigerians in the diaspora to register for a BVN without needing to be physically present in Nigeria.
At the unveiling event in Abuja, CBN Governor Olayemi Cardoso said:
“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally.”
He described the system as a step toward deeper inclusion and a more connected global Nigerian community.
The NRBVN platform is built on strong Know Your Customer (KYC) protocols and international Anti-Money Laundering (AML) standards. This structure supports secure identity verification and aims to maintain trust in Nigeria’s financial system.
Banks, fintech companies, and International Money Transfer Operators (IMTOs) are expected to integrate with the system to improve its effectiveness. The CBN believes that NRBVN could significantly increase formal remittance flows, which rose from $3.3 billion in 2023 to $4.73 billion in 2024. The bank is targeting $1 billion in monthly remittances moving forward.
The NRBVN is part of a broader package that includes:
- Non-Resident Ordinary Account (NROA)
- Non-Resident Nigerian Investment Account (NRNIA)
These accounts allow diaspora Nigerians to access services such as savings, mortgages, insurance, pensions, and capital market investments, while maintaining the ability to repatriate investment proceeds as permitted by existing regulations.
Premier Oiwoh, Managing Director/CEO of NIBSS, also presented at the launch, followed by a panel discussion featuring stakeholders from across the financial sector.
The CBN reaffirmed its goal to reduce the cost of remittances in Sub-Saharan Africa and to continue working with industry partners to improve access for Nigerians globally.
Article updated 1 week ago. Content is written and modified by multiple authors.
