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) without travelling to Nigeria.

The platform, known as the Non-Resident Bank Verification Number (NRBVN), is designed to improve financial inclusion for Nigerians in the diaspora.

It enables remote digital enrolment through secure identity verification and Know Your Customer (KYC) processes that meet international compliance standards.

At the launch event in Abuja on Tuesday, CBN Governor Olayemi Cardoso said the initiative was a major step in connecting Nigeria with its global citizens.

For years, many Nigerians abroad have struggled to access financial services at home due to the requirement for in-person BVN registration. The new system removes this barrier.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements. The NRBVN changes that,” Mr Cardoso said.

The NRBVN also forms part of a wider strategy to deepen Nigeria’s financial sector and encourage greater participation in formal financial systems.

It complements existing diaspora-focused initiatives such as the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA), which provide access to savings, mortgages, pensions, and capital market investments.

Mr Cardoso said that the digital BVN system is not just about convenience but also about building a secure and inclusive ecosystem for Nigerians globally.

He added that the platform is dynamic and will evolve through feedback and collaboration among banks, fintechs, and international money transfer operators.

The CBN is optimistic that the NRBVN will also help boost remittance inflows, which have risen from $3.3 billion in 2023 to $4.73 billion in 2024.

The Bank is now aiming for a $1 billion monthly target, driven by reforms such as the “willing buyer, willing seller” foreign exchange regime and reduced remittance charges.

The new BVN platform has been designed to align with global Anti-Money Laundering (AML) and data protection standards.

He said every enrolment will be subject to strict verification checks to ensure transparency and prevent misuse, which the CBN believes will improve international confidence in the country’s financial system.

Also speaking at the event was Premier Oiwoh, managing director of NIBSS, who highlighted the technical reliability and security of the platform.

According to him, the NRBVN platform addresses long-standing barriers such as lack of local access to BVN registration, limited flexibility in regulatory processes, and the absence of a centralised digital channel for diaspora enrolment.

He said the system enables real-time BVN generation through a secure process involving optical character recognition (OCR), biometrics, liveness checks, and identity validation.

It also supports account opening with 27 Nigerian commercial banks, including GTBank and Wema Bank, and facilitates remittance services through live international gateways like VEEM, covering 38 countries across North America, Europe, and Asia.

He said the platform is also open to Nigerians by descent, provided they can show proof of citizenship through parentage.

The user journey begins with onboarding, where applicants submit ID documents, personal details, and a live image for verification. Once completed, they can choose a preferred bank and continue the account opening process via that bank’s digital platform.

Remittances can then be made through integrated payment gateways, with built-in compliance checks.

The entire process is underpinned by strict KYC requirements, sanctions screening and ongoing monitoring to prevent illicit financial activity.

According to Mr Oiwoh the NRBVN offers clear benefits for individuals, financial institutions, and the country. For users, it provides faster onboarding, secure identity verification, seamless remittance, and access to financial products such as savings and investments.

For banks and International Money Transfer Operators (IMTOs), it expands the customer base while ensuring regulatory compliance.

At the national level, the platform is expected to boost remittance inflows, encourage foreign direct investment, and improve financial inclusion.