CBN Introduces Non-Resident BVN for Nigerians living overseas
CBN Building
Abdullateef Fowewe
The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched a new digital service called the Non-Resident Bank Verification Number (NRBVN) specifically for Nigerians residing abroad.
Launched on Tuesday, this platform allows Nigerians in the diaspora to register for a BVN from anywhere, removing the requirement to be in Nigeria physically.
This initiative aims to help the CBN achieve its target of increasing diaspora remittances to $1 billion per month, which translates to roughly $12 billion each year.
During the launch event in Abuja, attended by leaders from the financial sector, including CEOs of commercial banks, CBN Governor Olayemi Cardoso highlighted the initiative as a major advancement in promoting financial inclusion. He emphasized that the NRBVN platform acts as an essential connection between Nigeria and its citizens living abroad.
Cardoso also noted that the new system could help lower remittance costs across Sub-Saharan Africa and reaffirmed the CBN’s commitment to working with stakeholders to further improve the platform.
“The NRBVN is a dynamic, evolving platform—a bridge connecting Nigeria with its global citizens—and reaffirms the Bank’s commitment to lowering remittance costs and expanding financial inclusion for all Nigerians,” said Cardoso in a statement shared on the CBN social media handle.
