Nigerians living abroad can now open Bank Verification Numbers (BVNs) without stepping foot in the country, thanks to a new digital platform launched by the Central Bank of Nigeria (CBN) on Tuesday, May 13.
Known as the Non-Resident Bank Verification Number (NRBVN), the initiative, developed in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), is aimed at making financial services more accessible to the diaspora while increasing the flow of remittances into Nigeria.
CBN Governor Olayemi Cardoso described the launch as a milestone moment for financial inclusion.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” he said during the unveiling in Abuja, attended by commercial bank chiefs and other stakeholders.
“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.”
The central bank is optimistic that the platform will help it reach its ambitious target of $1 billion in monthly diaspora remittances, or $12 billion yearly.
With remittances already rising from $3.3 billion in 2023 to $4.73 billion this year, Cardoso believes the new system can push the figure even higher.
But the platform isn’t just about numbers. The governor emphasised that it’s part of a broader plan to strengthen Nigeria’s economic ties with its diaspora community.
“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,” Cardoso said.
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The NRBVN also forms part of a wider framework that includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA), giving diaspora Nigerians access to savings, mortgages, pensions, insurance, and capital market investments.
Importantly, Nigerians abroad will retain the flexibility to repatriate returns on their investments. The NRBVN also comes with strong anti-money laundering and KYC protocols to ensure transactions are safe and compliant with global standards.
Cardoso highlighted the high cost of sending money to Sub-Saharan Africa, averaging over 7%, and expressed hope that NRBVN would help reduce that burden by encouraging the use of formal, trusted channels.
To maintain stability and confidence in the system, he urged all financial stakeholders to comply with regulatory standards.
“To meet these targets, collaboration and compliance with established regulatory frameworks remain essential,” he said.
“We also invite IMTOs to integrate with the NRBVN platform as part of our shared vision to build a secure, efficient, and inclusive financial ecosystem for Nigerians globally.”
The event also featured a presentation by NIBSS Managing Director/CEO Premier Oiwoh and a panel discussion with key industry players.
Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, welcomed the move, calling it “a game changer.”
The CBN says this is just the beginning of a broader effort to deepen engagement with Nigerians abroad and strengthen the national economy through inclusion, innovation, and trust.