CBN Unveils Non-resident BVN Platform, Targets $1bn Monthly Diaspora Remittance

The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has officially launched the Non-Resident Bank Verification Number (NRBVN) platform.

With this, the CBN is targeting  to boost diaspora remittances to $1 billion monthly

The innovative digital gateway allows Nigerians in the diaspora to obtain a BVN remotely without the need for a physical presence in Nigeria.

Speaking at the event held in Abuja on Tuesday, the Central Bank governor, Olayemi Cardoso, described the initiative as a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to its global citizens.

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

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

He emphasised that the NRBVN is a dynamic platform, “not the final destination, but the beginning of a broader journey.”

Stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs), are encouraged to integrate and collaborate in shaping and refining the system as it evolves.

Remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024, thanks to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime. With the NRBVN in place, the CBN is optimistic about reaching its $1 billion monthly remittance target.

“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” Cardoso said.

“This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”

The CBN Governor also reiterated the Bank’s commitment to reducing the high cost of remittances in Sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform.

The launch also featured a presentation by the managing

director/chief executive officer of NIBSS, Premier Oiwoh, and a panel discussion with key industry stakeholders.

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

Together, they enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.

Under current regulations, Nigerians in the Diaspora will retain the flexibility to repatriate the proceeds of their investments.

Importantly, the NRBVN system has been built with global standards in mind, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system. Every NRBVN enrollment undergoes comprehensive verification checks to safeguard against illicit financial activity, bolstering international confidence in the platform and the broader financial ecosystem.