CBN Launches NRBVN Platform to Boost Diaspora Remittances to $1 Billion Monthly
In a significant stride towards deepening financial inclusion, 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. This new digital tool is tailored for Nigerians in the diaspora, allowing them to remotely obtain their BVN without the need to travel home. The initiative aims to eliminate long-standing verification barriers, thus enabling seamless access to Nigeria’s financial services from anywhere in the world.
CBN Governor Olayemi Cardoso described the NRBVN as a transformational move that will simplify financial onboarding for Nigerians abroad through secure digital processes and global-standard Know Your Customer (KYC) protocols. He emphasized that beyond access, this platform represents a broader vision for innovation, inclusion, and shared economic prosperity for Nigerians regardless of their location.
Cardoso also shed light on the growing strength of remittance flows, which rose from $3.3 billion in 2023 to $4.73 billion in 2024, a growth largely attributed to recent foreign exchange reforms like the willing buyer, willing seller policy. With the launch of NRBVN, the CBN now has its eyes set on an ambitious target of $1 billion in monthly remittances, a figure the governor believes is within reach.
Further details of the platform’s operation were provided by NIBSS Managing Director, Premier Oiwoh, who assured that the system complies with stringent global anti-money laundering and KYC standards. The Deputy Governor for Economic Policy, Muhammad Abdullahi, described the NRBVN as a powerful tool that not only enhances the banking experience for diaspora Nigerians but also strengthens Nigeria’s economic bonds with its global citizens.
This new platform is part of a broader CBN initiative that includes the Non-Resident Ordinary Account and Non-Resident Nigerian Investment Account. These channels are designed to provide Nigerians abroad with access to a range of financial services, including savings, investments, and pensions, while maintaining the flexibility to repatriate investment proceeds. The launch signals a new era of financial connectivity between Nigeria and its diaspora, with potential ripple effects on national economic development.
Source: Punch