May 14, (THEWILL) – In a move to deepen financial inclusion and boost diaspora remittances, the Central Bank of Nigeria (CBN) on Tuesday unveiled a digital platform that enables Nigerians abroad to obtain a Bank Verification Number (BVN) without needing to visit Nigeria physically.
The initiative, tagged the Non-Resident Bank Verification Number (NRBVN), was developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS). It forms part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA), designed to expand access to financial services for Nigerians living abroad.
Speaking at the official launch in Abuja, CBN Governor Olayemi Cardoso described the development as a milestone in the country’s financial inclusion drive.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements. The NRBVN changes that,” Cardoso said. “Through secure digital verification and robust Know Your Customer (KYC) protocols, Nigerians worldwide will now be able to access financial services more easily and affordably.”
The CBN Governor expressed confidence that the platform would support the Bank’s target of attracting at least $1 billion in monthly diaspora remittances—amounting to $12 billion annually.
“This platform is not just about access. It is about national inclusion, innovation, and shared prosperity,” he said.
Cardoso noted that the cost of sending money to Sub-Saharan Africa remains one of the highest globally, averaging over seven percent, and expressed optimism that the NRBVN would promote the use of formal, cost-effective remittance channels.
To ensure the success of the initiative, he called for strict compliance with regulatory standards and urged International Money Transfer Operators (IMTOs) to integrate with the new platform.
“Collaboration and regulatory compliance are essential to meeting our remittance goals. We invite all financial stakeholders and IMTOs to join in realising a secure, efficient, and inclusive ecosystem for Nigerians globally,” he said.
Chairman of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, lauded the initiative, describing it as “a game changer” for diaspora engagement.
The NRBVN is expected to facilitate access to a range of financial services, including savings, mortgages, pensions, insurance, and capital market investments, for millions of Nigerians living abroad.
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