CBN launches NRBVN to enable remote BVN registration, targeting $1 billion monthly in diaspora remittances.
The Central Bank of Nigeria (CBN) has launched the Non-Resident Bank Verification Number (NRBVN), a new digital system designed to enable Nigerians abroad to register for a BVN remotely, in partnership with the Nigeria Inter-Bank Settlement System (NIBSS)
The move aims to increase diaspora remittances to Nigeria, with a monthly target of $1 billion.
The launch event, held in Abuja on Tuesday, May 13, 2025, marked what CBN Governor Olayemi Cardoso called a “milestone in Nigeria’s financial inclusion journey.”
He emphasized that the new platform would remove barriers that have long prevented Nigerians in the diaspora from participating fully in the country’s financial system.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said.
NRBVN Designed To Improve Financial Access For Nigerians Abroad
With the introduction of the NRBVN, individuals in the diaspora can now obtain their Bank Verification Number (BVN) through secure digital verification methods without traveling to Nigeria. The platform includes robust Know Your Customer (KYC) protocols to ensure secure and transparent onboarding.
Cardoso described the platform as “the beginning of a broader journey,” calling on financial institutions, fintech startups, and International Money Transfer Operators (IMTOs) to integrate and support the initiative.
He also highlighted the CBN’s broader commitment to strengthening Nigeria’s financial infrastructure and fostering innovation that serves both local and international communities.
CBN Eyes $1bn Monthly From Diaspora Remittances
According to Cardoso, formal diaspora remittances increased from $3.3 billion in 2023 to $4.73 billion in 2024, largely due to policy reforms and the implementation of the willing buyer, willing seller foreign exchange regime.
“With NRBVN in place, we are optimistic about achieving our target of $1 billion in monthly remittances,” the governor said.
He noted that reducing the cost of cross-border transfers and improving remittance channels remained a priority for the bank. The NRBVN is expected to make remittance inflows faster, safer, and more efficient for both senders and recipients.
Stakeholders Commended As Platform Gains Support
During the launch, the Managing Director and CEO of NIBSS, Mr Premier Oiwoh, delivered a detailed presentation on the technical infrastructure supporting the NRBVN. The event also featured a panel discussion with key industry players who expressed optimism about the platform’s potential.
The CBN Governor urged stakeholders to continue refining the platform and enhancing user experiences across banks, fintechs, and IMTOs.
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Cardoso reaffirmed the CBN’s commitment to creating a more inclusive financial system that serves Nigerians at home and abroad. “We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” he concluded.
