The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has unveiled the Non-Resident Bank Verification Number (NRBVN) platform—an initiative designed to expand financial inclusion for Nigerians living abroad by allowing them to obtain a Bank Verification Number without being physically present in Nigeria.
Announced in Abuja, the platform marks a significant step in simplifying access to Nigeria’s financial services for the diaspora. Previously, Nigerians abroad faced the challenge of traveling home to complete the mandatory biometric BVN registration. With NRBVN, this requirement is removed, making secure digital verification and Know Your Customer (KYC) processes available remotely.
CBN Governor, Olayemi Cardoso, described the launch as a milestone in Nigeria’s financial inclusion strategy. He said the NRBVN would not only improve access to banking for Nigerians worldwide but also support a more inclusive and innovative 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 KYC processes, Nigerians worldwide will now be able to access financial services more easily and affordably.”
Cardoso further linked the platform to a broader strategy to increase remittance inflows, citing a jump from $3.3 billion in 2023 to $4.73 billion in 2024. He attributed the growth to reforms such as the willing buyer, willing seller foreign exchange regime and expressed confidence that the NRBVN would help push remittance flows to a targeted $1 billion monthly.
NIBSS Managing Director, Premier Oiwoh, provided insights into the technical framework of the platform, emphasizing its compliance with global Anti-Money Laundering standards and data security protocols. The NRBVN is built to ensure transparency, safety, and ease of use for diaspora users.
Also speaking at the event, the CBN’s Deputy Governor of Economic Policy, Muhammad Abdullahi, highlighted the platform’s transformative potential for strengthening ties between Nigeria and its global citizens. He called on stakeholders to support the initiative and adapt it to meet the changing needs of Nigerians abroad.
The NRBVN is part of a broader CBN initiative that includes the Non-Resident Ordinary Account and the Non-Resident Nigerian Investment Account. These frameworks enable diaspora Nigerians to access savings, mortgages, pensions, insurance, and investment opportunities in Nigeria’s financial markets. Under current policy, they are also allowed to repatriate proceeds from their investments.
The launch of the NRBVN platform is a landmark development in the CBN’s ongoing drive to foster financial inclusion, deepen diaspora engagement, and unlock the economic potential of Nigerians across the globe.
