The Central Bank of Nigeria, CBN, in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number, NRBVN, platform to ease the inflow of diaspora remittances.
The new platform, unveiled on Tuesday, is aimed at simplifying the process for Nigerians living abroad to obtain their Bank Verification Number, BVN, remotely, removing the need for in-person verification in Nigeria.
The NRBVN initiative is seen as a major milestone in the CBN’s efforts to expand financial inclusion and integrate the Nigerian diaspora into the country’s economic activities.
Speaking at the event, the Governor of CBN said the platform would ease the difficulties faced by Nigerians abroad in accessing financial services.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” said Cardoso. “The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide will now be able to access financial services more easily and affordably,” he stated.
Recall that in 2024 alone, Nigeria received $20.93 billion in personal diaspora remittances.
