*Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) through secure digital verification and robust Know Your Customer processes, Nigerians worldwide should now ‘be able to access financial services more easily and affordably’

Gbenga Kayode | 绿帽献妻

As part of the country’s financial inclusion strategy as a critical bridge connecting it to citizens worldwide, the Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Numbers (NRBVNs) platform for Nigerians in the Diaspora.

绿帽献妻 reports the CBN, which activated the innovative digital gateway Tuesday, May 13, 2025, in Abuja, FCT, has projected to actualise its $1 billion monthly Diaspora remittances target.

The initiative, which is also about realising $12 billion annually, allows Nigerians in the Diaspora to obtain BVNs remotely without the need for a physical presence in the West African country.

Speaking at the launch, Dr. Olayemi Cardoso, Governor of CBN, lauded the digital financial initiative as a milestone in Nigeria’s financial inclusion journey and critical bridge connecting the country to citizens across the global community.

Objectives of Non-Resident Bank Verification Numbers

The CBN noted the NRBVN concept is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).

Together, these enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria鈥檚 capital markets.

At the event attended by stakeholders in the financial ecosystem, including the Managing Directors and Chief Executive Officers (CEOs) of commercial banks, Cardoso, disclosed the initiative could reduce the high cost of remittances in Sub-Saharan Africa and ensure continued engagement with stakeholders to optimise the platform.

The CBN Chief affirmed the banking sector regulator has remained committed to reducing the cost of remittances, currently averaging over seven percent in Sub-Saharan Africa.

According to him, lowering these 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.

The CBN Governor also stated: 鈥淔or too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements.

鈥淭he 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.鈥�

Though not the final destination in evolving financial inclusion in the economy, the NRBVN yet represents the 鈥渂eginning of a broader journey,” said Cardoso.

The Bankers’ Bank stated that under current regulations, Nigerians in the Diaspora would retain the flexibility to repatriate the proceeds of their investments.

It is further noted that the newly-activated NRBVN system has been built with global standards in mind.

It incorporates stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria鈥檚 financial system, the Bank stated.

According to CBN, every NRBVN enrollment undergoes comprehensive verification checks to safeguard against illicit financial activity, bolstering international confidence in the platform and the broader financial ecosystem.

Hitherto, Nigeria’s remittance flows through formal channels increased from $3.3 billion 2023 to $4.73 billion 2024, due to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller Foreign Exchange (Forex) regime.

Meanwhile, with the NRBVN in place, the CBN is optimistic about reaching its monthly remittance target, Cardoso said.

He further noted: 鈥淲e are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally.

“This platform is not just about financial access, it鈥檚 about national inclusion, innovation, and shared prosperity.”

The Governor of CBN said: 鈥淲ith 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.”

He stated: 鈥淭o meet these targets, collaboration and compliance with established regulatory frameworks remain essential.

“All stakeholders must adhere strictly to the FX Code and other relevant regulatory guidelines.鈥�

Cardoso also explained: 鈥淭his is critical to ensuring market stability, integrity, and overall confidence in Nigeria鈥檚 financial system.

鈥淲e 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.”

He added: 鈥淎 fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted and cost-effective channels.鈥�

In her remarks on the occasion, Hon. Abike Dabiri-Erewa, Chairman/Chief Executive Officer (CEO) of Nigerians in Diaspora Commission (NiDCOM), described NRBVN as a game changer.

The launch also featured a presentation by the Managing Director/Chief Executive Officer of NIBSS, Premier Oiwoh, and a panel discussion with key industry stakeholders in the country.

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