The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has officially launched the Non-Resident Bank Verification Number (NRBVN) platform – a digital solution enabling Nigerians abroad to obtain BVNs without physical presence in the country.
CBN Governor Olayemi Cardoso announced the initiative during Tuesday’s launch in Abuja, describing it as a transformative step in Nigeria’s financial inclusion strategy.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso stated. “The NRBVN changes that through secure digital verification and robust Know Your Customer processes.”
The platform comes as Nigeria records significant growth in diaspora remittances, which surged from 3.3 billion in 2023 to 3.3 billion in 2023 to 4.73 billion in 2024. Cardoso attributed this 43% increase to recent foreign exchange reforms and expressed confidence in achieving a $1 billion monthly remittance target with the NRBVN implementation.
“We’re building a secure, efficient financial ecosystem for Nigerians globally,” the Governor emphasized. “This isn’t just about banking access – it’s about national inclusion, innovation and shared prosperity.”
The CBN projects the digital ID solution will:
- Eliminate physical registration barriers
- Enhance security of diaspora transactions
- Increase formal remittance inflows
- Strengthen KYC compliance for offshore accounts
Financial analysts suggest the move could significantly reduce transaction costs for Nigeria’s estimated 17 million diaspora population while boosting dollar liquidity through formal channels.