Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform, a significant initiative aimed at enhancing financial access for Nigerians in the diaspora.
The platform, which enables Nigerians abroad to obtain their BVN remotely, removes the need for physical presence in Nigeria.
Speaking at the event in Abuja on Tuesday, CBN Governor, Olayemi Cardoso, described the platform as a key milestone in the country’s financial inclusion journey.
He noted that the NRBVN would ease the long-standing challenges faced by Nigerians in the diaspora who previously had to be physically present in Nigeria for BVN registration.
Cardoso said: “For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements.
“The NRBVN changes that. Through secure digital verification and robust Know Your Customer processes, Nigerians worldwide will now be able to access financial services more easily and affordably.
“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.
“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1bn in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels.”
The event also featured a presentation by the Managing Director/CEO of NIBSS, Premier Oiwoh, who detailed the technical and operational aspects of the NRBVN platform.
Oiwoh emphasised that the platform adheres to global standards, incorporating stringent Anti-Money Laundering and KYC compliance protocols to ensure transparency and security.
The launch of the NRBVN platform marks a crucial step in the CBN’s efforts to improve financial inclusion and harness the economic potential of Nigeria’s diaspora.