Central Bank Of Nigeria Introduces Non-Resident BVN Platform For Nigerians Abroad, Targets $1bn in Monthly Remittances

By: Olufemi Orunsola 

As part of moves towards transforming banking access for Nigerians living overseas, the Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has unveiled a groundbreaking Non-Resident Bank Verification Number (NRBVN) platform.

OPEN TELEVISION NAIJA (OTN) News reports as gathered that the NRBVN platform allows Nigerians in the diaspora to obtain their Bank Verification Number (BVN) remotely, eliminating the previous requirement for physical presence in Nigeria.

Speaking at the unveiling event in Abuja on Tuesday, CBN Governor Olayemi Cardoso, described the platform as a key milestone in the country’s financial inclusion journey.

Cardoso noted that the NRBVN would ease the long-standing challenges faced by Nigerians in the diaspora who previously had to be physically present in Nigeria for BVN registration.

In his words, "For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements.

“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,” Cardoso said.

The governor added that the NRBVN was not just a solution for financial access, but a step towards a more inclusive, innovative, and prosperous financial ecosystem.

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

Cardoso also recounted the growth in remittance flows, which increased from $3.3bn in 2023 to $4.73bn in 2024, attributing this rise to recent reforms, including the introduction of the willing buyer, willing seller FX regime.

The initiative, OTN News gathered, reflects the bank’s commitment to leveraging technology to meet the evolving needs of its citizens, wherever they may be around the world.

OTN News recalls that NIBSS, which played a pivotal role in developing the platform, stated that the NRBVN system is user-friendly, secure, and designed to comply with international data protection standards. Nigerians abroad can now complete the BVN registration process online, with verification conducted through robust digital protocols.

Meanwhile, Nigerians in the Diaspora have reportedly welcomed this milestone initiative, considering the fact that many of them have, for a very long time, clamoured for a more accessible BVN process. 

The NRBVN platform is poised to strengthen economic ties between Nigeria and its global community, facilitating investments, remittances, and other financial activities.

The CBN has urged eligible Nigerians to utilise the platform, with further details available on its official website and through Nigerian embassies worldwide.

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