CBN, NIBSS launch non-resident BVN for Nigerians in diaspora

The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident BVN platform, aimed at providing seamless financial access to Nigerians living abroad.

Launched in Abuja on Tuesday, the Non-Resident BVN platform enables Nigerians in the diaspora to obtain a Bank Verification Number remotely, without the need to be physically present in Nigeria. The innovation is part of the apex bank’s strategy to deepen financial inclusion and achieve its $1 billion monthly diaspora remittance target — translating to an estimated $12 billion annually.

Speaking at the launch event, which drew key players from the financial sector, including commercial bank executives, CBN Governor Olayemi Cardoso described the initiative as “a milestone in the country’s financial inclusion journey and a critical bridge connecting the country to its global citizens.”

Cardoso noted that the NRBVN initiative is also expected to reduce the high cost of remittances in Sub-Saharan Africa, which currently average over seven per cent. “The CBN remained committed to reducing the cost of remittances,” he said, adding that lowering costs would “enhance the safety and appeal of formal channels while amplifying the socioeconomic impact of diaspora remittances on Nigerian households and the broader economy.”

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

While Cardoso acknowledged that the NRBVN isn’t a final solution, he emphasized its role as a foundational step. “Though not the final destination, the NRBVN represents the beginning of a broader journey,” he stated.

The NRBVN is part of a wider CBN framework that includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA), which collectively offer access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets. Nigerians abroad will also retain the right to repatriate proceeds from their investments under existing regulations.

Built to meet global standards, the NRBVN incorporates stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols to secure the integrity of Nigeria’s financial system. Every enrollment on the platform will undergo extensive verification checks to ensure transparency and prevent illicit financial activity.

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

To achieve the set goals, he said, collaboration and strict regulatory compliance are non-negotiable: “All stakeholders must adhere strictly to the FX Code and other relevant regulatory guidelines. This is critical to ensuring market stability, integrity, and overall confidence in Nigeria’s financial system.”

He also called on International Money Transfer Operators (IMTOs) to integrate with the NRBVN platform, stating: “A fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted and cost-effective channels.”

Chairman/Chief Executive of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, hailed the launch as transformative, describing the NRBVN as “a game changer.”

The event also featured a detailed presentation from Premier Oiwoh, Managing Director/CEO of NIBSS, followed by a panel session with major industry stakeholders.

ALSO READ FROM NIGERIAN TRIBUNE