The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched a new digital platform that allows Nigerians living abroad to obtain a Bank Verification Number (BVN) remotely — without needing to travel back home.
The new system, known as the Non-Resident Bank Verification Number (NRBVN), was unveiled at an event in Abuja on Monday.
CBN Governor Olayemi Cardoso described the initiative as “a milestone in Nigeria’s financial inclusion journey and a critical bridge 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,” he said. “The NRBVN changes that.”
The platform enables secure digital identification through robust Know Your Customer (KYC) processes, aiming to make it easier and more affordable for Nigerians in the diaspora to access banking, investment, and other financial services in Nigeria.
The CBN says the launch of NRBVN is part of broader efforts to increase remittance flows and diaspora investment. Formal remittance inflows rose from \$3.3 billion in 2023 to \$4.73 billion in 2024, partly due to recent policy reforms, including a more flexible foreign exchange regime.
With NRBVN now in place, the bank hopes to achieve its target of \$1 billion in monthly remittances.
“This platform is not just about financial access — it’s about national inclusion, innovation, and shared prosperity,” Governor Cardoso said.
He added that the system would continue to evolve and that banks, fintechs, and international money transfer operators would play key roles in shaping its development.
At the launch event, NIBSS CEO Premier Oiwoh said many Nigerian banks have already adopted the platform, and diaspora Nigerians have welcomed the move. He said the new system would eliminate the frustration often faced by Nigerians abroad when trying to open bank accounts or send money home.
With a Non-Resident BVN, Nigerians abroad can now open both naira and domiciliary accounts, invest in real estate, stocks, and other sectors, and access savings, pensions, and mortgage services in Nigeria. They also retain the right to repatriate their investment earnings at any time.
The NRBVN is part of a broader financial inclusion framework that includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA).
The system has been designed to meet global standards, with strict compliance to anti-money laundering (AML) and KYC regulations to safeguard the financial system.
Cardoso reiterated the CBN’s commitment to lowering the high cost of remittances in Sub-Saharan Africa and engaging stakeholders to continuously improve the platform.