The Central Bank of Nigeria (CBN) has introduced the Non-Resident Bank Verification Number (NRBVN) platform, a new digital service that allows Nigerians living overseas to register for their Bank Verification Number (BVN) without needing to travel back home. This initiative aims to boost financial inclusion and make banking more accessible for the Nigerian diaspora.
CBN Governor Olayemi Cardoso described the launch as a major step in removing the physical barriers that have long hindered Nigerians abroad from accessing financial services. “For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said. The NRBVN platform enables remote enrollment with advanced biometric and digital verification processes, ensuring security and compliance with global Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.
The platform also supports opening domiciliary accounts in major foreign currencies like USD, GBP, and EUR, providing greater flexibility for investments and remittances. The CBN hopes this will encourage more formal remittance flows, targeting $1 billion monthly-an ambitious goal compared to the $4.73 billion remitted in 2024.
Applicants must submit valid identification, proof of residency, and employment verification documents through the NRBVN portal. They will also undergo a liveness check and thorough KYC screening to ensure secure transactions.
Mr. Premier Oiwoh, Managing Director of the Nigeria Inter-Bank Settlement System (NIBSS), highlighted that the platform meets global standards for transparency and security. Deputy Governor Muhammad Abdullahi emphasized the NRBVN’s role in strengthening economic ties between Nigeria and its diaspora, calling it a transformative tool for enhancing the banking experience.
The NRBVN is part of a broader framework that includes special accounts and investment opportunities tailored for Nigerians abroad, allowing them to participate more fully in Nigeria’s financial ecosystem while maintaining the ability to repatriate investment proceeds.
