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. This new initiative aims to help Nigeria hit its $1 billion monthly diaspora remittance target by making it easier for Nigerians in the diaspora to obtain a BVN without being physically present in the country.
The NRBVN platform was unveiled in Abuja on Tuesday. It allows Nigerians living abroad to complete their BVN registration digitally. This aligns with the CBN’s financial inclusion strategy and aims to bring more Nigerians into the formal financial system.
CBN Governor, Olayemi Cardoso, described the move as a game-changing step in connecting the country to its global citizens. “For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements. The NRBVN changes that,” he said.
NRBVN to Lower Cost of Remittances and Drive Inclusion
Cardoso stated that the NRBVN platform will reduce the cost of sending money to Nigeria, which currently stands at over 7% in Sub-Saharan Africa. “Lowering these costs will enhance the safety and appeal of formal channels while amplifying the socioeconomic impact of diaspora remittances on Nigerian households and the broader economy,” he added.
He also stressed that while NRBVN is not the final solution, it marks the beginning of a broader journey that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA). These measures are designed to create an inclusive, safe, and seamless financial ecosystem for Nigerians globally.
The CBN governor said, “We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally. This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”
CBN Optimistic About Remittance Growth
Thanks to recent reforms like the “willing buyer, willing seller” foreign exchange regime, remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024. With the launch of NRBVN, the CBN is hopeful about reaching its ambitious $1 billion monthly remittance target.
Cardoso emphasized the importance of collaboration, saying, “To meet these targets, collaboration and compliance with established regulatory frameworks remain essential. All stakeholders must adhere strictly to the FX Code and other relevant regulatory guidelines.”
He added, “We also invite IMTOs to integrate with the NRBVN platform as part of our shared vision to build a secure, efficient, and inclusive financial ecosystem for Nigerians globally.”
The Chairman/Chief Executive of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described the launch of NRBVN as a “game changer” for diaspora engagement.
The event featured a presentation by the Managing Director and CEO of NIBSS, Premier Oiwoh, and a panel discussion with key players in the financial sector.
NRBVN Platform Targets $1 Billion Monthly Remittance
The CBN’s new NRBVN platform stands as a major step toward achieving its $1 billion monthly remittance goal. By easing access to financial services for Nigerians abroad and lowering remittance costs, the central bank is pushing for broader financial inclusion, increased trust in formal channels, and economic growth. With the support of stakeholders and adherence to regulatory standards, the NRBVN is expected to drive significant results in diaspora remittances.
