In a bold move to streamline diaspora remittances and deepen financial inclusion, the Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform.

The initiative is designed to enable Nigerians in the diaspora to obtain a Bank Verification Number (BVN) remotely—without the need for physical presence in Nigeria.

Unveiled on Tuesday in Abuja, the NRBVN is projected to significantly boost remittance inflows, potentially quadrupling the current monthly average of $6 billion.

CBN Governor, Mr. Olayemi Cardoso, hailed the launch as a milestone in Nigeria’s journey toward financial inclusion and a critical tool to connect Nigerians abroad with the nation’s financial system.

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

“The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide can now access financial services more easily and affordably.”

He described the initiative as the beginning of a broader transformation, urging stakeholders—including banks, fintech companies, and International Money Transfer Operators (IMTOs)—to collaborate and help shape the evolving platform.

Remittance inflows through formal channels rose from $3.3 billion in 2023 to $4.73 billion in 2024, driven by key policy reforms, including the “willing buyer, willing seller” FX regime. With the NRBVN now operational, the CBN is confident of reaching its $1 billion monthly remittance target.

“This platform is not just about access to finance—it’s about innovation, inclusion, and shared prosperity,” Cardoso emphasized. “We’re building a secure, efficient, and globally connected financial ecosystem for all Nigerians.”

Cardoso also reaffirmed the Bank’s commitment to lowering remittance costs in Sub-Saharan Africa and pledged continued engagement with stakeholders to optimize the system.

Managing Director/CEO of NIBSS, Mr. Premier Oiwoh, explained that the NRBVN provides unprecedented ease for Nigerians abroad to remit funds securely from the comfort of their homes.

“Today, Nigerians in places like London rely on informal roadside operators to send money home. With the NRBVN, they no longer need to step outside,” Oiwoh said.

“From their living rooms, they can remit funds directly to their accounts in Nigeria—quickly, securely, and at a significantly reduced cost.”

He added that the platform would improve trust among users and financial institutions, facilitate the creation of domiciliary accounts, and connect users to 27 commercial banks currently integrated with the system.

“This platform provides a digital rail that simplifies access while ensuring full KYC and Anti-Money Laundering (AML) compliance,” Oiwoh noted.

The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA).

These tools are designed to offer Nigerians abroad access to financial products such as savings accounts, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets. Under existing guidelines, diaspora Nigerians retain the flexibility to repatriate proceeds from their investments.

Built to global standards, the NRBVN platform incorporates stringent AML and KYC protocols to enhance integrity, transparency, and security.

Each enrollment undergoes a rigorous verification process to guard against financial crimes, further bolstering international confidence in Nigeria’s financial system.