In a large progression to the unlocking of the full potential of Diaspora funds, the Central Bank of Nigeria (CBN), in partnership with Nigeria Inter-Bank Settlem System (NIBSS), launched the Verification number of non-resident banks (NRBVN) on Tuesday.
The platform allows Nigerians abroad to register remotely at a banking verification number (BVN) without being physically in the country – A decision of hope for the APEX Bank will considerably increase formal payment flows and financial inclusion.
Speaking during the launch event in Abuja, which attracted stakeholders in the financial sector, including the CEOs of major banks, the Governor of the CBN, Olayemi Cardoso, described the initiative as an important stage in the quest for Nigeria to link its global citizens to the national financial system.
Register For TEKEDIA Mini-MBA Edition 17 (June 9 – September 6, 2025)) Today for early reductions. An annual for access to Blurara.com.
Tekedia Ai in Masterclass Business open registration.
Join Tekedia Capital Syndicate and co-INivest in large world startups.
Register become a better CEO or director with CEO program and director of Tekedia.
He noted that the NRBVN will help eliminate longtime strangulation bottlenecks preventing Nigerians from the diaspora access to services such as savings, mortgages, pensions, insurance and investment opportunities in Nigeria.
“For too long, many Nigerians abroad have encountered difficulties in accessing financial services at home due to physical verification requirements,” said Cardoso. “The NRBVN changes this. Thanks to secure digital verification and robust, know your customer processes (KYC), Nigerians around the world should now be able to access financial services more easily and at an affordable price. “
The NRBVN is positioned as a fundamental element of a broader suite of financial offers for non -resident Nigerians. These include the non -resident ordinary account (NROA) and the non -resident Nigerian investment account (NRNIA), which both allow access to the financial markets of Nigeria by virtue of the flexible repatriation rules.
The Governor of the CBN also stressed that the platform has been developed with global standards for money laundering (AML) and KYC compliance to protect the integrity of the Nigeria financial system and encourage international trust.
“Each NRBVN registration undergoes complete verification checks to guard against illegal financial activity,” added Cardoso. “This is essential to ensure market stability, integrity and overall confidence in the Nigeria financial system.”
The NRBVN is part of a wider CBN strategy aimed at capturing a larger share of the world market for funding from funds by formalizing entries and improving convenience. In 2023, Nigeria recorded $ 3.3 billion in official funds – a figure that climbed $ 4.73 billion in 2024 as a result of political reforms such as the reintroduction of the “voluntary buyer” exchange plan. With the new platform in place, the CBN now targets $ 1 billion per month, or about $ 12 billion per year.
“With the introduction of NRBVN and additional policy measures, we are optimistic about the achievement of our ambitious objective,” said Cardoso. “An objective which, in our view, is fully achievable given the increasing confidence and convenience in formal transfer channels.”
He also noted that the costs of funding in sub -Saharan Africa remain among the highest in the world, with an average of more than 7%. The NRBVN, by facilitating direct and affordable access to Nigerian financial services, should reduce these costs and redirect more payment funds in formal channels.
“This platform does not only concern financial access. It is national inclusion, innovation and shared prosperity,” he said.
Cardoso called for increased collaboration between stakeholders, including commercial banks, international money transfer operators (Imtos) and regulators, in order to fully carry out the advantages of the platform. He urged Imtos to integrate directly into the NRBVN system and warned that strict compliance with exchange regulations (FX), including FX code, was compulsory.
“All stakeholders must strictly respect the FX code and other relevant regulatory directives. Compliance is not optional; It is central to maintain transparency and confidence in the system, “he said.
The CBN call for integration and membership was taken up by other panelists during the event, notably the Director General and CEO of NIBSS, Prime Minister Oiwoh, who presented a detailed technical break in the NRBVN platform, highlighting his security and end-to-end verification processes.
Nidcom Backs Initiative as a game changer
The launch was also present to the president and chief executive officer of the Nigerians of the Diaspora (NIDCOM), Abike Dabiri-Erewa, who described the platform as a game changer. She said that the ability of the Nigerians of the diaspora to record a BVN marked a turning point in the commitment of the diaspora.
“We have always pleaded for tools that allow Nigerians abroad to connect more easily and contribute to the economy at home,” she said. “This initiative allows them to do exactly that – transparent, safely and worldwide.”
Dabiri-Erewa stressed that the NRBVN would serve as effectiveness for a broader inclusion, not only economically but socially, by strengthening the link between Nigeria and its citizens living abroad.
Beyond numbers
The meaning of the NRBVN goes beyond the facilitation of funding. He aligned himself with a broader thrust of the Nigerian government to deepen the participation of the diaspora in the economy, in particular thanks to investments in the capital markets, goods and long -term savings instruments.
The rules of repatriation remaining flexible and transparent, the CBN hopes that more Nigerians abroad will be encouraged to reinvest their funds in the internal economy through regulated channels. The Central Bank also plans more digital innovations that would extend these advantages to other financial services such as pensions, micro-assurance and real estate.
By launching the NRBVN, Nigeria joins other developing countries such as India and the Philippines to recognize the economic value of its diaspora, not only as money experiencers, but as investors and stakeholders in national development.
While Cardoso has recognized that the NRBVN is not “the final destination”, it described it as a first critical step in the creation of a truly inclusive and global financial system for Nigeria.
“Thanks to this initiative, we lay the foundations for a secure, effective and inclusive financial ecosystem – the one who understands all the Nigerians, wherever they are in the world.”
