By Dayo Dare
The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has announced the launch of a BVN platform for Nigerians who do not reside in the country.
The announcement was made on Monday, with the event held in Abuja. With this new platform, non-residents will be able to obtain BVNs remotely, as long as they provide the necessary requirements. The innovative platform is projected to help the CBN reach its $1 billion monthly remittance target and $12 billion annually.
Speaking at the launch event with stakeholders, CBN Governor Olayemi Cardoso hailed the initiative as a milestone in the country’s financial inclusion journey and a crucial bridge connecting Nigeria to its global citizens.
He also suggested that the platform could help reduce the high cost of remittances in Sub-Saharan Africa and emphasized the need for continued engagement with stakeholders to improve the system.
“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,” Cardoso explained.
The Non-Resident Bank Verification Number (NRBVN) is part of a broader structure that also includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA).
Combined, these accounts give Nigerians abroad access to services like savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets. They’ll also still be able to repatriate proceeds from their investments, as permitted under current regulations.
Cardoso has urged banks, fintechs, and International Money Transfer Operators (IMTOs) to connect to the platform and help improve it as it evolves.
“To achieve these targets, we need cooperation and full compliance with existing regulations. Everyone involved must strictly follow the FX Code and other relevant guidelines,” he said.
“This is necessary to maintain market stability, integrity, and trust in the Nigerian financial system.
“We’re also inviting IMTOs to integrate with the NRBVN platform. This aligns with our goal of building a secure, efficient, and inclusive financial ecosystem for Nigerians worldwide.
“When fully connected, the system will make it possible for every Nigerian in the diaspora to contribute to national development through safe and cost-effective channels.”
