CBN Launches Digital BVN Platform for Nigerians in Diaspora, Targets $1bn Monthly Remittances

The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform an innovative digital tool designed to enable Nigerians living abroad to obtain their BVN without having to travel home.

This initiative, announced on Tuesday in Abuja, marks a significant step in the apex bank’s efforts to expand financial inclusion and harness the economic potential of Nigeria’s global diaspora. The NRBVN platform eliminates physical registration barriers, offering secure digital verification aligned with international KYC and anti-money laundering protocols.

Speaking at the unveiling, CBN Governor Olayemi Cardoso described the platform as a game-changer in bridging the gap between Nigerians abroad and the formal financial system at home.

“For far too long, diaspora Nigerians have encountered unnecessary obstacles in accessing financial services due to location-based verification requirements,” Cardoso said. “The NRBVN addresses this challenge head-on, providing a secure, convenient and cost-effective gateway into Nigeria’s banking system.”

Cardoso further emphasized the strategic importance of the diaspora to Nigeria’s economy, citing recent remittance data which showed an increase from $3.3 billion in 2023 to $4.73 billion in 2024. With the launch of the NRBVN and supporting reforms, the CBN is now setting its sights on a monthly remittance target of $1 billion.

“This target is realistic given the improved trust in formal channels, the convenience of digital onboarding, and the overall shift toward structured financial flows,” the governor stated.

The platform is built with advanced security infrastructure and integrates global compliance standards, according to NIBSS Managing Director/CEO, Premier Oiwoh. He explained that the NRBVN system is designed to withstand fraud, support robust data protection, and operate seamlessly with the existing BVN architecture.

Also present at the launch was the CBN Deputy Governor for Economic Policy, Muhammad Abdullahi, who underscored the broader impact of the NRBVN beyond remittances.

“This platform is a transformative tool. It not only simplifies the diaspora banking experience but also strengthens the socio-economic bond between Nigeria and its global citizens,” Abdullahi said. “We must continue to refine it to meet the evolving needs of Nigerians abroad.”

The NRBVN is part of a larger framework that includes the Non-Resident Ordinary Account (NRO) and the Non-Resident Nigerian Investment Account (NRNIA). These products allow diasporans to participate in the Nigerian financial system through savings, mortgages, insurance, pensions, and capital market investments with full repatriation rights under current guidelines.

Analysts say the launch of the NRBVN is a clear signal of the CBN’s long-term strategy to leverage diaspora capital for national development while promoting secure, inclusive financial systems.

By expanding access and reducing barriers, the CBN aims not only to attract remittances but also to build a durable financial bridge between Nigeria and its estimated 17 million citizens living abroad.