Last week, on Tuesday, May 13, 2025 to be precise, Nigerians in Diaspora were thrown into jubilant mood with the launch of the Non-Resident Bank Verification Number (NRBVN) by the Central Bank of Nigeria (CBN).
The celebration was Unsurprising. The NRBVN that was hitherto gotten through a difficult process has been made seamless. Now, no Nigerian in the diaspora is required to be physically present at home before obtaining Non-Resident BVN. That gap has been bridged.
Launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), and in alignment with the CBN’s financial inclusion strategy, the digital platform allows Nigerians in diaspora to obtain a BVN without having to travel to Nigeria. They have longed waited for this moment of respite.
CBN, in 2022, launched the National Financial Inclusion Strategy (NFIS) as a comprehensive plan aimed at increasing the number of people who have access to and use of financial services.
As a national development tool, the plan was to increase access to formal financial services, improve the usage of formal financial services, reduce financial exclusion, promote financial literacy and create enabling environment.
The apex bank, through the financial inclusion strategy has brought more Nigerians into the financial system by achieving 95% as of 2024. The nation’s financial inclusion rate grew to 74% in 2023, up from 68% in 2020, with formal financial inclusion increasing to 64% from 56% in 2020.
The CBN Governor, Mr Olayemi Cardoso while speaking at the launch of the platform, described the initiative as a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to 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 should now be able to access financial services more easily and affordably,” he said.
Cardoso emphasised that the NRBVN is a dynamic platform, “not the final destination, but the beginning of a broader journey.” Stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs), are encouraged to integrate and collaborate in shaping and refining the system as it evolves.
With the launch of the NRBVN, CBN is targeting an ambitious monthly diaspora remittance of $1 billion. The bank had increased remittance flows through formal channels from $3.3 billion in 2023 to $4.73 billion in 2024, courtesy of the reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.
The Governor affirmed that the bank is building a secure, efficient, and inclusive financial ecosystem for Nigerians globally, adding that the platform was not just about financial access, but about national inclusion, innovation, and shared prosperity.
Cardoso also reiterated the Bank’s commitment to reducing the high cost of remittances in Sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform.
The launch also featured a presentation by the Managing Director/Chief Executive Officer of NIBSS, Mr. Premier Oiwoh, and a panel discussion with key industry stakeholders.
The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).
Together, they enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.
Under current regulations, Nigerians in the Diaspora will retain the flexibility to repatriate the proceeds of their investments.
Assuredly, the NRBVN system has been built with global standards in mind, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system.
