The Central Bank of Nigeria in partnership with the Nigeria Inter-Bank Settlement System has unveiled the Non-Resident Bank Verification Number platform, a transformative initiative designed to enhance financial inclusion for Nigerians living abroad.

The NRBVN platform allows diaspora Nigerians to obtain their Bank Verification Number remotely, eliminating the need for physical presence in Nigeria.

This development is expected to streamline access to banking services and facilitate seamless financial transactions for the diaspora community.

At the launch event in Abuja on Tuesday, CBN Governor Olayemi Cardoso, hailed the platform as a pivotal milestone in Nigeria’s financial inclusion strategy.

He stated that the NRBVN would help resolve the persistent difficulties Nigerians in the diaspora faced, as they previously had to travel to Nigeria in person to register for a BVN.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said. “The NRBVN changes that. Through secure digital verification and robust Know Your Customer processes, Nigerians worldwide will now be able to access financial services more easily and affordably.”

The CBN governor emphasized that the NRBVN was more than a tool for financial access—it marked a move towards a more inclusive, innovative, and thriving financial ecosystem.

“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” he remarked. “This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”

Cardoso also pointed to the rise in remittance flows, which grew from $3.3 billion in 2023 to $4.73 billion in 2024, crediting the increase to recent reforms such as the introduction of the willing buyer, willing seller FX regime.

With the rollout of the NRBVN, the CBN aims to achieve $1 billion in monthly remittances.

“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1bn in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels,” Cardoso said.

The event included a presentation by the Managing Director/CEO of NIBSS, Mr. Premier Oiwoh, who outlined the technical and operational details of the NRBVN platform.

He highlighted its compliance with global standards, incorporating robust Anti-Money Laundering and KYC protocols to ensure transparency and security.

The CBN Deputy Governor for Economic Policy, Mr. Muhammad Abdullahi, also spoke, describing the NRBVN as a transformative tool for improving the banking experience for Nigeria’s diaspora.

He called on stakeholders to work together in enhancing the platform to better serve the evolving needs of the diaspora community.

He also highlighted that this initiative would reinforce economic ties between Nigeria and its global citizens, ultimately driving sustainable growth for the nation.

“Together, we stand at the threshold of a new era, poised to deepen the trust, enhance remittance growth, and forge a stronger, more meaningful connection between Nigeria and its global citizens,” Abdullahi said.

The NRBVN platform is part of a larger framework that also includes the Non-Resident Ordinary Account and Non-Resident Nigerian Investment Account.

These accounts offer Nigerians living abroad access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.