To promote financial inclusion, the Central Bank of Nigeria (CBN) on Tuesday unveiled the Non-Resident Bank Verification Number (NRBVN) platform to allow Nigerians in the diaspora obtain a bank verification number (BVN) remotely without their physical presence in Nigeria.
The innovative digital gateway was unveiled in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) to eliminate the difficulties faced by Nigerians residents abroad in accessing financial services back home due to physical verification requirements in carrying out bank transactions.
The CBN Governor, Olayemi Cardoso, described the initiative as a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to its citizens globally.
“Through a secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably,” Cardoso said.
The NRBVN, the governor noted, is a dynamic platform, “not the final destination, but the beginning of a broader journey”, adding that stakeholders across the financial ecosystem, including banks, fintech companies, and International Money Transfer Operators (IMTOs), were encouraged to integrate and collaborate in shaping and refining the system as it evolves.
On the impact of the recent reform initiatives and policy shifts by the CBN, including the introduction of the willing buyer, willing seller FX regime, the Cardoso said remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024.
He said with the NRBVN in place, the CBN was optimistic about reaching its $1 billion monthly remittance target.
“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” Cardoso said., adding: “This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”
Reiterating the Bank’s commitment to reducing the high cost of remittances in Sub-Saharan Africa, the CBN Governor said the new platform would ensure continued engagement with stakeholders to optimise its benefits.
“This initiative symbolizes our commitment not only to innovation but also to inclusive growth and economic integration, principles vital for our nation’s sustained prosperity.
“The mandatory physical verification required for obtaining a BVN often incurred considerable costs in terms of time and financial resources, especially for individuals residing in remote locations. The NRBVN platform addresses these very concerns.
“Through digital verification and robust Know Your Customer (KYC) processes, Nigerians across the globe can now remotely obtain their BVN swiftly and securely.
“This single digital gateway will enable seamless access to banking services, including opening accounts and securely sending funds, dramatically enhancing convenience and reducing costs,” the CBN governor said.
The NRBVN, the governor explained, is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA) to enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.
Under current regulations, he said Nigerians in the Diaspora would retain the flexibility to repatriate the proceeds of their investments, pointing out that the NRBVN system, built with global standards in mind, incorporates stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system.
Every NRBVN enrolment, he explained, undergoes comprehensive verification checks to safeguard against illicit financial activity, bolstering international confidence in the platform and the broader financial ecosystem.
In developing NRBVN platform, Cardoso said valuable lessons were drawn from the experiences in countries such as India and Pakistan.
In India, its Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts have significantly simplified banking processes for its diaspora, with Indian banks currently holding approximately $160 billion in diaspora deposits, achieved by providing attractive and tailored products and services.
Similarly, in Pakistan, he said its innovative Roshan Digital Account offer fully online onboarding and investment opportunities, to successfully attract nearly $10 billion since its inception.
The NRBVN platform, he noted, was designed in a way similar to both countries’ to offer access and opportunity complemented by the Non-Resident Ordinary Account (NROA) and Non-Resident Investment Account (NRNIA) initiatives.
Both accounts, he said, collectively form a robust framework designed to incentivize Nigeria’s global diaspora to channel their funds through formal financial systems into productive uses at home.
“By providing investment accounts, diasporans will have access to a variety of growing investment opportunities in our debt and equities markets, as well as products such as mortgages, insurance, and pensions. Importantly, diasporans will also have the flexibility to fully repatriate the proceeds of their investments in accordance with existing regulations, ensuring confidence and convenience in managing their assets.,” he said.
The launch also featured a presentation by the Managing Director/Chief Executive Officer of NIBSS, Mr. Premier Oiwoh, and a panel discussion with key industry stakeholders.