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.
The platform, unveiled on Tuesday in Abuja, allows Nigerians living abroad to obtain their BVN remotely, eliminating the long-standing requirement of physical presence in Nigeria.
CBN Governor, Mr. Olayemi Cardoso, described the innovation as a transformative milestone for Nigeria’s financial system.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” he said. “The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide can now access financial services more easily and affordably.”
Cardoso emphasized that the NRBVN is part of a broader reform drive aimed at increasing remittance inflows, improving access, and reducing costs for Sub-Saharan Africa’s largest diaspora. “This platform is not just about access to finance—it’s about innovation, inclusion, and shared prosperity,” he said, calling on banks, fintechs, and International Money Transfer Operators (IMTOs) to support the platform’s evolution.
Backed by key reforms such as the “willing buyer, willing seller” FX regime, remittances have already risen from $3.3 billion in 2023 to $4.73 billion in 2024. With the NRBVN now active, the CBN is targeting a $1 billion monthly remittance benchmark.
Premier Oiwoh, Managing Director and CEO of NIBSS, hailed the launch as a landmark shift in diaspora banking. “Today, Nigerians in places like London rely on informal roadside operators to send money home. With the NRBVN, they no longer need to step outside,” he stated. “From their living rooms, they can remit funds directly to their accounts in Nigeria—quickly, securely, and at a significantly reduced cost.”
Oiwoh also noted that the platform is integrated with 27 commercial banks and supports the creation of domiciliary accounts, delivering end-to-end digital onboarding with strict KYC and AML compliance. “This platform provides a digital rail that simplifies access while ensuring full KYC and Anti-Money Laundering compliance,” he added.
Beyond remittances, the NRBVN is embedded in a broader financial framework that includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA)—offering even greater connectivity to Nigeria’s financial infrastructure for its global citizens.
