By Jemimah Wellington, JKNewsMedia Reporter
NIGERIAN ABROAD can now remotely obtain a Bank Verification Number (BVN), following the official launch of the Non-Resident Bank Verification Number (NRBVN) platform in Abuja by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS).
This move, the group say, eliminates the long-standing hurdle of physical presence for BVN registration, marking a pivotal shift in Nigeria’s drive for global financial inclusion.
CBN Governor, Yemi Cardoso described the platform as a breakthrough in strengthening ties with Nigerians overseas.
Addressing stakeholders, Cardoso described the NRBVN as a gateway, not a final destination, and encouraged fintechs, banks, and international money transfer operators to collaborate in refining the system.
The digital platform leverages secure Know Your Customer (KYC) protocols, enabling secure and efficient enrolment from any location.
The launch comes amid rising remittance inflows, with figures climbing from $3.3 billion in 2023 to $4.73 billion in 2024.
The CBN attributes this surge to key policy reforms, including the flexible “willing buyer, willing seller” foreign exchange regime.
With the NRBVN now operational, Cardoso expressed confidence in meeting the central bank’s ambitious target of one billion dollars in monthly diaspora remittances.
Deputy Governor Muhammad Abdullahi emphasised the NRBVN’s role as a transformative tool designed to deepen banking relationships, spur investments, and enhance the sense of belonging among Nigerians overseas.
He noted that by simplifying financial access, the platform would catalyse broader economic participation from the diaspora community.
The event also featured a presentation from NIBSS Managing Director Premier Oiwoh and a panel discussion with key financial stakeholders.
The NRBVN forms part of a wider framework, including the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA), all designed to facilitate access to financial products such as savings, insurance, pensions, mortgages, and capital market investments.
Crucially, Nigerians in the diaspora maintain the right to repatriate their investment returns under existing regulations. The NRBVN adheres to global compliance standards, incorporating stringent Anti-Money Laundering and KYC procedures to ensure transparency and protect against financial crime.
Each registration undergoes rigorous verification to maintain the integrity and trust of the financial system, reinforcing Nigeria’s commitment to building a secure and inclusive economic future for all its citizens, regardless of location.
