In a major move to deepen financial inclusion and tap into the economic potential of Nigerians living abroad, the Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), on Tuesday launched the Non-Resident Bank Verification Number (NRBVN) platform.

The platform allows Nigerians in the diaspora to obtain a Bank Verification Number (BVN) remotely, eliminating the need for physical presence in Nigeria. It forms part of the CBN’s strategy to meet its ambitious target of $1 billion in monthly remittances and $12 billion annually.

Speaking at the launch in Abuja, CBN Governor Olayemi Cardoso described the NRBVN as a “critical bridge” between Nigeria and its global citizens. “This is not just about financial access—it’s about national inclusion, innovation, and shared prosperity,” Cardoso said.

He noted that the new digital platform would also help lower the high cost of remittances in Sub-Saharan Africa, which currently average over 7%, by encouraging the use of formal, secure channels. The initiative is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA)—accounts designed to provide diaspora Nigerians access to savings, insurance, mortgages, pensions, and investments back home.

Cardoso added that NRBVN enrollment is supported by robust Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, ensuring transparency, compliance, and security. He emphasized that collaboration and regulatory compliance would be key to the platform’s success, urging International Money Transfer Operators (IMTOs) to integrate with the system.

Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, hailed the initiative as a “game changer” for Nigerians abroad.

The event featured a presentation by NIBSS CEO Premier Oiwoh and a panel session with stakeholders from across Nigeria’s financial sector.

With remittances through formal channels rising from $3.3 billion in 2023 to $4.73 billion in 2024, the CBN is optimistic that the NRBVN will drive even greater inflows and strengthen trust in Nigeria’s financial system.