Central Bank of Nigeria Introduces New Digital Service to Unleash Over a Billion Dollars in Monthly Remittances
Central Bank of Nigeria Launches NRBVN Platform to Boost Diaspora Remittances
The Central Bank of Nigeria (CBN) has unveiled the Non-Resident Bank Verification Number (NRBVN) platform, a groundbreaking initiative aimed at increasing financial inclusion for Nigerians living abroad and bolstering diaspora remittances.
The NRBVN platform enables Nigerians to remotely enroll for a Bank Verification Number (BVN) and access banking services without the need to visit physical banks. This digital solution facilitates secure, convenient transactions and account openings, including domiciliary accounts in USD, GBP, and EUR, encouraging formal remittance flows and investment in Nigeria’s financial ecosystem from anywhere in the world.
One of the key ways the NRBVN platform supports this goal is through remote biometric BVN enrollment. Nigerians abroad can now enroll easily via an online platform with robust biometric verification, adhering to global Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. This enhances security and builds trust.
NRBVN holders also gain access to a broader range of financial services such as savings, mortgages, pensions, insurance, and investment opportunities in the Nigerian capital markets. This enhances financial inclusion for the diaspora.
The NRBVN platform significantly reduces costs and streamlines processes. Previously, Nigerians abroad paid around $200 to obtain a BVN; the NRBVN platform reduces this to a nominal $50 processing fee, making registration more affordable and less cumbersome, thus encouraging more diaspora participation.
The NRBVN is a central component of CBN’s strategy to increase foreign exchange earnings. With a $1 billion monthly remittance target, the platform strengthens formal remittance channels, improving dollar liquidity and financial stability in Nigeria’s economy.
The CBN is encouraging collaboration with International Money Transfer Operators (IMTOs) to integrate with the NRBVN platform, promoting a seamless and secure financial network linking Nigerians globally with the domestic Nigerian economy.
In essence, the NRBVN platform serves as a bridge between Nigeria and its diaspora, expanding financial service enrollment, enhancing remittance flows, providing secure and compliant banking access, and contributing to national economic development through trusted, cost-effective channels.
The NRBVN platform was developed in partnership with the Nigeria Inter-Bank Settlement System (NIBSS). CBN Governor Olayemi Cardoso stated that the NRBVN will make it easier and more affordable for Nigerians worldwide to access financial services. The initiative, according to Cardoso, will deepen financial inclusion and build trust in formal remittance channels.
With the NRBVN platform, Nigerians abroad can now access Non-Resident Ordinary Accounts (NROA) and Non-Resident Nigerian Investment Accounts (NRNIA), enabling investment repatriation. Nigeria is betting on the diaspora not just to send money, but also to invest.
The NRBVN platform aims to achieve a monthly inflow of $1 billion, a significant step towards boosting diaspora remittances and supporting Nigeria’s economic growth. The platform is part of the CBN’s broader strategy to reduce the average remittance cost in Sub-Saharan Africa, currently at 7%, and to deepen financial inclusion.
The NRBVN platform's introduction in the Nigerian banking sector is a significant step towards increasing financial inclusion for Nigerians living abroad, particularly in the areas of business (finance) and technology. With digital solutions like remote biometric BVN enrollment and streamlined processes, this platform facilitates secure and convenient transactions and account openings, including investment opportunities in Nigeria's capital markets (business and technology). Furthermore, the NRBVN platform aims to boost diaspora remittances, strengthen formal remittance channels, and contribute to Nigeria's economic growth (business and finance), thereby driving progress in these interconnected areas.
