CBN launches non-resident BVN to boost diaspora inclusion, spur remittances
The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has officially introduced the Non-Resident Bank Verification Number (NRBVN), marking a significant move to strengthen financial engagement between Nigeria and its diaspora population.
The NRBVN is designed to simplify access to banking for Nigerians living abroad, unlock new investment opportunities, and support the inflow of remittances into the country.
The initiative enables Nigerians overseas to remotely open and manage bank accounts, take part in investment ventures, and transfer money back home with greater ease and security.
Speaking at the launch event in Abuja on Tuesday, Muhammad Sani Abdullahi, Deputy Governor of the CBN in charge of Economic Policy, described the initiative as a major stride towards connecting Nigeria’s global citizens with the domestic financial system.
“We are at the edge of a new era,” Abdullahi told a gathering that included the CBN Governor, senior CBN officials, bank executives, fintech leaders, international money transfer operators, regulators, and journalists.
He said the NRBVN goes beyond being a technological upgrade, calling it “a bold reaffirmation of our commitment to financial inclusion, economic resilience, and national pride.”
According to Abdullahi, the CBN’s goal is to remove long-standing barriers of distance and administrative bottlenecks that have limited diaspora participation in Nigeria’s financial landscape.
“The Nigerian diaspora is vast, capable, and closely tied to the country’s development journey,” he said.
“This initiative ensures that every Nigerian, wherever they may be, can actively contribute to and benefit from our economic growth.”
During the launch, the Managing Director of NIBSS delivered a detailed technical presentation explaining how the NRBVN platform will function. A panel discussion followed, moderated by the CBN Deputy Governor for Financial System Stability.
The session featured prominent figures including the CEOs of Zenith Bank and Access Bank, the Chairperson of the Nigerians in Diaspora Commission (NIDCOM), and the CEO of Tap Remittance Company.
The introduction of the NRBVN comes at a time when remittances remain a crucial source of foreign exchange for Nigeria, contributing over $20 billion annually. With this new system, the CBN aims to increase financial participation among Nigerians abroad, bolster the country’s foreign reserves, and deepen confidence in its banking sector.
Panellists commended the central bank for its visionary approach and called for continued collaboration with the private sector to strengthen and expand the reach of the platform. They also discussed the NRBVN’s potential to attract greater diaspora investment and foster renewed trust in Nigeria’s financial institutions.
“This is not just a ceremonial rollout,” Abdullahi told the audience. “It is an open invitation to engage. We are constructing a secure, inclusive, and dynamic financial bridge, and we need your input and innovation to make it world-class.”
Premier Oiwoh, Managing Director and CEO of NIBSS, revealed that more than 300 Nigerians in the diaspora have already applied for the NRBVN. He assured stakeholders that the platform was built with robust data privacy protections and has addressed other critical operational concerns.
Abike Dabiri-Erewa, Chairperson of NIDCOM, described the initiative as a game changer for both the economy and for millions of Nigerians abroad who have long faced challenges in accessing the country’s financial services.
Adaora Umeoji, Group Managing Director and CEO of Zenith Bank, echoed that view. She described the NRBVN as both strategic and transformative. Umeoji noted that her bank had been actively involved in the platform’s development and is now fully prepared to onboard diaspora clients, with staff already trained to manage the new process.
The NRBVN is set to become a cornerstone of the government’s broader efforts to integrate diaspora contributions into national development, while providing secure, convenient access to financial services for Nigerians around the world.
