• Targets massive remittances

The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has officially launched the Non-Resident Bank Verification Number (NRBVN) platform.

The innovative digital gateway allows Nigerians in the diaspora to obtain a BVN remotely without the need for a physical presence in Nigeria.

Speaking at the event in Abuja yesterday, the (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.”

He added, “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 (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably.”

The Governor emphasised that the NRBVN was a dynamic platform, “not the final destination, but the beginning of a broader journey.”

Stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs), are encouraged to integrate and collaborate in shaping and refining the system as it evolves.

Remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024, thanks to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime. With the NRBVN in place, the CBN is optimistic about reaching its $1 billion monthly remittance target.

“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” Cardoso said, adding, “This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”

The CBN Governor also reiterated the CBN’s commitment to reducing the high cost of remittances in Sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform.

He promised to engage stakeholders especially banks and operators of the NRBVN Platform, Nigeria Inter-Bank Settlement System (NIBSS) to explore ways to reduce the cost of remittances.