The Central Bank of Nigeria (CBN) is launching a digital Bank Verification Number (BVN) platform for Nigerians abroad, targeting $1 billion in monthly remittances through formal financial channels.
The platform, named the Non-Resident Bank Verification Number (NRBVN), was introduced by CBN in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) as a digital solution to integrate Nigerians in the Diaspora into the country’s formal financial ecosystem.
Dr Olayemi Cardoso, Governor of CBN, says during the launch that the initiative supports the apex bank’s goal of expanding financial inclusion and reducing the cost of remittance transactions.
The NRBVN, the apex bank’s Governor says, is providing a secure digital channel through which Nigerians abroad may remotely obtain their BVN, a biometric identity required to access banking services in Nigeria. With the platform, users are opening accounts, sending money, and conducting transactions without physical presence.
CBN: NRBVN provides secure platform for Nigerians abroad to obtain BVN
“The NRBVN is a dynamic, evolving platform—a bridge connecting Nigeria with its global citizens—and reaffirms the Bank’s commitment to lowering remittance costs and expanding financial inclusion for all Nigerians,” Cardoso says.
The NRBVN, the apex bank’s Governor says, is providing a secure digital channel through which Nigerians abroad may remotely obtain their BVN, a biometric identity required to access banking services in Nigeria. With the platform, users are opening accounts, sending money, and conducting transactions without physical presence.
Cardoso adds that digitising the BVN process removes key barriers that have restricted Diaspora participation in the formal financial system and encourages use of regulated remittance channels. He notes that formal remittances remain a vital source of foreign exchange for Nigeria’s economy.
CBN is setting a $1 billion monthly target for remittances from Nigerians abroad and is calling on financial institutions to comply strictly with the Foreign Exchange (FX) Code and regulatory guidelines to ensure market stability.
“All stakeholders must comply with the FX Code and regulatory guidelines to preserve market stability and trust,” Cardoso says.
He also urges Nigerian banks to innovate and develop products tailored to Diaspora customers, in a move expected to improve access to banking services and deepen user trust across Nigeria’s financial system.
The rollout of NRBVN is part of broader efforts by the Nigerian financial sector to leverage digital solutions in driving financial inclusion and capturing a larger share of global remittance flows into the country.
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