CBN Launches Non-Resident BVN Platform for Diasporeans

The Central Bank of Nigeria (CBN) has partnered with the Nigeria Inter-Bank Settlement System (NIBSS) to launch the Non-Resident Bank Verification Number (NRBVN) platform.

This innovative platform enables Nigerians living abroad to obtain their Bank Verification Number (BVN) remotely, eliminating the need for physical verification in Nigeria.

CBN Governor, Mr. Olayemi Cardoso, described the NRBVN platform as a crucial tool for bridging the gap between Nigeria and its global citizens.

“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 (KYC) processes, Nigerians worldwide will now be able to access financial services more easily and affordably,” he said.

The NRBVN platform is expected to significantly impact Nigeria’s remittance inflows, which have already been rising. With the launch of the NRBVN, the CBN aims to achieve $1 billion in monthly remittance flows, further boosting Nigeria’s foreign exchange reserves.

Cardoso expressed confidence that this goal is achievable, citing the growing trust and convenience of formal remittance channels.

The NRBVN platform provides access to:

– Non-Resident Ordinary Accounts (NROA)

– Non-Resident Nigerian Investment Accounts (NRNIA)

– Savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets

The platform incorporates global standards for security and compliance, ensuring transparency and safeguarding against illicit financial activities.

The launch of the NRBVN platform marks a significant milestone in the CBN’s efforts to expand financial inclusion and integrate the Nigerian diaspora into the country’s economic activities.

With this platform, Nigerians abroad can now access essential banking services more efficiently, ensuring they remain connected to the country’s financial ecosystem.