- CBN and NIBSS has established a Non-Resident BVN (NRBVN) to enable Nigerians abroad to obtain BVNs remotely
- The aim of the platform is to boost diaspora remittances, with $4.73bn inflows recorded in 2024 and a $1bn monthly target
- CBN also clarified that NRBVN aligns with global AML/KYC standards and strengthens financial inclusion for non-resident Nigerians
The 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 digital innovation designed to simplify access to financial services for Nigerians living abroad.
Unveiled on Tuesday, May 13 in Abuja, the platform allows Nigerians in the diaspora to register for a Bank Verification Number (BVN) remotely, eliminating the long-standing requirement of being physically present in Nigeria.
CBN Governor Olayemi Cardoso described the initiative as a significant stride toward expanding financial inclusion and reinforcing trust in the Nigerian financial system.
“For too long, many Nigerians abroad have struggled to access financial services due to physical verification constraints. The NRBVN addresses this gap by leveraging secure digital verification and robust KYC processes, enabling global access to financial services,” Cardoso said at the launch event.
NRBVN platform expected to boost remittance inflows
Cardoso highlighted the growing importance of diaspora remittances to Nigeria’s economy. He revealed that remittance inflows rose from $3.3 billion in 2023 to $4.73 billion in 2024, partly due to recent foreign exchange reforms.
“With the NRBVN and accompanying policy measures, we are optimistic about achieving our target of $1 billion in monthly diaspora remittances,” he said.
According to the CBN governor, the new platform will also foster innovation and national inclusion, creating a more efficient and secure ecosystem for Nigerians globally.
NRBVN built with global standards in mind
Premier Oiwoh, Managing Director and CEO of NIBSS, provided a technical breakdown of the platform, assuring that it complies with global anti-money laundering (AML) and know your customer (KYC) standards. He emphasized the platform’s security, transparency, and user-friendly design.
Also speaking, Muhammad Abdullahi, CBN’s Deputy Governor for Economic Policy, described the NRBVN as a “transformational tool” capable of strengthening Nigeria’s economic connection with its diaspora population.
“We are entering a new era where trust is deepened, remittances are enhanced, and our ties with Nigerians abroad grow stronger,” Abdullahi said.
The NRBVN is part of a wider strategy that includes products such as the Non-Resident Ordinary Account and the Non-Resident Nigerian Investment Account, offering Nigerians abroad access to savings, pensions, insurance, mortgages, and investment options within the country.
CBN returns to profit, reports N38.8bn surplus in 2024
In an earlier report by TheRadar, the CBN posted a profit of N38.8 billion for the financial year ended December 31, 2024, marking a significant turnaround from a historic N1.15 trillion loss recorded in 2023.
According to the financial statements released by the apex bank, it recorded a profit before tax (PBT) of N44.68 billion in 2024. The CBN’s resurgence in profitability was supported by a notable 33.83 percent growth in total assets, which rose to N117.6 trillion in 2024, up from N87.87 trillion the previous year.
