The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has unveiled a new digital solution known as the Non-Resident Bank Verification Number (NRBVN) platform.
This platform, launched on Tuesday, is designed to enable Nigerians living overseas to seamlessly register for a BVN without being physically present in Nigeria. The NRBVN is part of a broader effort to boost diaspora remittances, with the CBN aiming to attract up to $1 billion monthly and approximately $12 billion annually through this initiative.
Governor Olayemi Cardoso firmly stated the following:
- The launch of the NRBVN platform is a major milestone in Nigeria’s financial inclusion drive and reflects a commitment to innovation, inclusive growth, and economic integration.
- Through digital verification and robust Know Your Customer (KYC) processes, Nigerians across the globe can now remotely obtain their BVN swiftly and securely.
- The NRBVN offers a single digital gateway that enables Nigerians abroad to open accounts, send funds securely, and access banking services with greater convenience and lower costs.
- Nigerian banks are urged to develop tailored products for the Diaspora, stating that such innovation will deepen inclusion and significantly boost remittance flows through formal channels.
- The CBN’s target of $1 billion in monthly remittances. He has emphasised the need for all stakeholders to comply with the FX Code and regulatory guidelines to preserve market stability and trust.
- 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.
