Nigerians residing overseas can now open {Bank} Verification Numbers (BVNs) with out stepping foot within the nation, because of a brand new digital platform launched by the Central Bank of Nigeria (CBN) on Tuesday, Might 13.
Referred to as the Non-Resident {Bank} Verification Quantity (NRBVN), the initiative, developed in partnership with the Nigeria Inter-{Bank} Settlement System (NIBSS), is geared toward making {financial} providers extra accessible to the diaspora whereas rising the movement of remittances into Nigeria.
CBN Governor Olayemi Cardoso described the launch as a milestone second for {financial} inclusion.
“For too lengthy, many Nigerians overseas have confronted difficulties accessing {financial} providers at dwelling as a result of bodily verification necessities,” he mentioned through the unveiling in Abuja, attended by industrial {bank} chiefs and different stakeholders.
“The NRBVN adjustments that. By means of safe digital verification and strong Know Your Buyer (KYC) processes, Nigerians worldwide ought to now have the ability to entry {financial} providers extra simply and affordably.”
The central {bank} is optimistic that the platform will assist it attain its formidable goal of $1 billion in month-to-month diaspora remittances, or $12 billion yearly.
With remittances already rising from $3.3 billion in 2023 to $4.73 billion this yr, Cardoso believes the brand new system can push the determine even increased.
However the platform isn’t nearly numbers. The governor emphasised that it’s a part of a broader plan to strengthen Nigeria’s {economic} ties with its diaspora group.
“We’re constructing a safe, environment friendly, and inclusive {financial} ecosystem for Nigerians globally. This platform is not only about {financial} entry, it’s about nationwide inclusion, innovation, and shared prosperity,” Cardoso mentioned.
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The NRBVN additionally types a part of a wider framework that features the Non-Resident Peculiar Account (NROA) and the Non-Resident Nigerian Funding Account (NRNIA), giving diaspora Nigerians entry to financial savings, mortgages, pensions, insurance coverage, and capital market investments.
Importantly, Nigerians overseas will retain the pliability to repatriate returns on their investments. The NRBVN additionally comes with sturdy anti-money laundering and KYC protocols to make sure transactions are secure and compliant with international requirements.
Cardoso highlighted the excessive value of sending cash to Sub-Saharan Africa, averaging over 7%, and expressed hope that NRBVN would assist cut back that burden by encouraging using formal, trusted channels.
To take care of stability and confidence within the system, he urged all {financial} stakeholders to adjust to regulatory requirements.
“To fulfill these targets, collaboration and compliance with established regulatory frameworks stay important,” he mentioned.
“We additionally invite IMTOs to combine with the NRBVN platform as a part of our shared imaginative and prescient to construct a safe, environment friendly, and inclusive {financial} ecosystem for Nigerians globally.”
The occasion additionally featured a presentation by NIBSS Managing Director/CEO Premier Oiwoh and a panel dialogue with key business gamers.
Chairman of the Nigerians in Diaspora Fee (NiDCOM), Abike Dabiri-Erewa, welcomed the transfer, calling it “a recreation changer.”
The CBN says that is just the start of a broader effort to deepen engagement with Nigerians overseas and strengthen the nationwide economic system by inclusion, innovation, and belief.
