Abuja, Nigeria — In a landmark move to deepen financial inclusion and strengthen economic ties with Nigerians abroad, the Central Bank of Nigeria (CBN) has officially launched the Non-Resident Biometric Verification Number (NRBVN) platform in Abuja. Developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN initiative provides Nigerians in the diaspora with seamless, secure, and cost-effective access to banking services in their home country.
Speaking at the launch, CBN Governor Olayemi Cardoso described the NRBVN as a transformative digital gateway aimed at simplifying access to essential financial services such as account opening, funds transfers, loans, insurance, and pensions. The platform eliminates the need for physical presence during biometric verification, a major hurdle that previously limited diaspora engagement with Nigeria’s financial sector.
“Historically, obtaining a BVN required physical verification, which was costly and inconvenient for many Nigerians living abroad, especially those in remote areas,” said Cardoso. “With NRBVN, we’ve leveraged robust Know Your Customer (KYC) processes to deliver a solution that is secure, fast, and globally accessible.”
Cardoso revealed that the development of the NRBVN was inspired by similar successful initiatives in India and Pakistan. He cited India’s Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts, which have attracted over $160 billion in diaspora deposits, and Pakistan’s Roshan Digital Account, which has garnered nearly $10 billion in investments.
“In line with these global successes, the NRBVN is supported by two new financial products—the Non-Resident Nigerian Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA),” he explained. “Together, they provide a robust financial framework for our diaspora to invest in Nigeria’s debt and equities markets, as well as access mortgages, insurance, and pension products.”
The new platform is also expected to significantly boost formal remittance inflows into the country. According to Cardoso, official remittances grew from $3.3 billion in 2023 to $4.73 billion in 2024, following policy reforms including the introduction of a “willing buyer, willing seller” foreign exchange regime and licensing of additional International Money Transfer Operators (IMTOs).
“With NRBVN, we are optimistic about achieving our target of $1 billion in monthly diaspora remittances,” he stated, urging Nigerian banks to develop innovative products that resonate with the diaspora’s financial needs and aspirations.
He called on IMTOs to fully integrate with the NRBVN platform, noting that a connected financial ecosystem will enable Nigerians abroad to contribute more meaningfully to national development.
The NRBVN is the latest chapter in CBN’s long-standing commitment to financial inclusion, which began in earnest with the National Financial Inclusion Strategy launched in 2012. At the time, about 53% of Nigerian adults were excluded from formal financial services. That rate dropped to 46.3% by 2010, with subsequent strategies aiming to reduce it to 20% by 2020.
Channels for delivering financial services have since expanded, including significant growth in ATM installations, mobile agents, and digital banking services. Cardoso reaffirmed that the apex bank remains committed to policies that promote innovation, regulatory compliance, and the integrity of Nigeria’s financial system.
The CBN Governor emphasized the importance of financial inclusion in unlocking Nigeria’s largely untapped informal sector, valued at an estimated $240 billion. By encouraging more people to save in formal institutions and access credit, particularly within the informal economy, Nigeria can drive wealth creation, reduce poverty, and stimulate sustainable development.
Global experts have long emphasized the transformative role of remittances. In 2023 alone, Africa received over $90 billion in diaspora remittances, a figure comparable to the GDP of several nations. Western Union’s Regional Vice President for Africa, Mohamed Touhami el Ouazzani, remarked that remittances not only meet household needs but also fund infrastructure, promote entrepreneurship, and spur economic growth.
Cardoso described the NRBVN not just as a digital tool, but as a “bridge between Nigeria and its global citizens.” He underscored CBN’s pledge to continuously evolve the platform to meet users’ needs, reduce remittance costs—currently averaging over 7% in Sub-Saharan Africa—and ensure a safe, inclusive financial system for all Nigerians, wherever they may reside.
“This is not the final destination,” Cardoso concluded. “It is the beginning of a broader journey—one that connects Nigerians worldwide to opportunities at home.”
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