In a bid to strengthen financial inclusion and expand formal remittance inflows, the Central Bank of Nigeria has launched a digital Bank Verification Number (BVN) platform tailored for Nigerians living abroad.
The initiative, developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), allows diaspora citizens to remotely register for a BVN without traveling to Nigeria, a move the apex bank says is expected to support its goal of attracting $1 billion in monthly remittances.
Unveiled in Abuja on Tuesday, the digital system, Non-Resident BVN (NRBVN), is part of broader reforms targeting easier access to banking, investment, and insurance services for non-resident Nigerians.
CBN Governor, Olayemi Cardoso, described the launch as a milestone in bridging the gap between the country’s financial ecosystem and its global citizens. He noted that the innovation would lower the cost of remittances, foster trust in formal financial channels, and deepen the economic impact of funds sent from abroad.
“For many in the diaspora, accessing services back home has been challenging due to physical verification hurdles. This platform changes that,” Cardoso said.
The system is embedded with global-standard Know Your Customer (KYC) and Anti-Money Laundering protocols, ensuring security and regulatory compliance. It also connects users to a suite of financial tools, including savings accounts, capital market investments, and pension services.
With remittance flows growing from $3.3 billion in 2023 to $4.73 billion in 2024, officials say the new platform is timely and could further boost confidence in Nigeria’s financial infrastructure.
Chair of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, hailed the rollout as a “game changer,” urging full adoption by financial institutions and remittance service providers.
The CBN emphasised that compliance with existing foreign exchange and financial regulations will be key to achieving the platform’s full potential.
