The Central Financial institution of Nigeria, in collaboration with the Nigeria Inter-Financial institution Settlement System, has launched the Non-Resident Financial institution Verification Quantity platform, an initiative aimed toward enhancing monetary entry for Nigerians within the diaspora.
The platform, which permits Nigerians overseas to acquire their Financial institution Verification Quantity remotely, removes the necessity for bodily presence in Nigeria.
Talking on the occasion in Abuja on Tuesday, CBN Governor, Mr. Olayemi Cardoso, described the platform as a key milestone within the nation’s monetary inclusion journey.
He famous that the NRBVN would ease the long-standing challenges confronted by Nigerians within the diaspora who beforehand needed to be bodily current in Nigeria for BVN registration.
“For too lengthy, many Nigerians overseas have confronted difficulties accessing monetary companies at house because of bodily verification necessities,” Cardoso stated. “The NRBVN modifications that. By way of safe digital verification and strong Know Your Buyer processes, Nigerians worldwide will now have the ability to entry monetary companies extra simply and affordably.”
The governor added that the NRBVN was not only a answer for monetary entry, however a step in direction of a extra inclusive, modern, and affluent monetary ecosystem.
“We’re constructing a safe, environment friendly, and inclusive monetary ecosystem for Nigerians globally,” he remarked. “This platform is not only about monetary entry, it’s about nationwide inclusion, innovation, and shared prosperity.”
Cardoso additionally highlighted the expansion in remittance flows, which elevated from $3.3bn in 2023 to $4.73bn in 2024. He attributed this rise to current reforms, together with the introduction of the prepared purchaser, prepared vendor FX regime.
With the launch of the NRBVN, the CBN is concentrating on $1bn in month-to-month remittances.
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“With the introduction of NRBVN and complementary coverage measures, we’re optimistic about attaining our bold goal of $1bn in month-to-month remittance flows, a purpose we consider is solely achievable given the rising belief and comfort in formal remittance channels,” Cardoso stated.
The occasion additionally featured a presentation by the Managing Director/CEO of NIBSS, Mr Premier Oiwoh, who detailed the technical and operational features of the NRBVN platform.
Oiwoh emphasised that the platform adheres to international requirements, incorporating stringent Anti-Cash Laundering and KYC compliance protocols to make sure transparency and safety.
The Deputy Governor, Financial Coverage, CBN, Mr Muhammad Abdullahi, additionally addressed the gathering, describing the NRBVN as a transformative software for enhancing the banking expertise for Nigeria’s diaspora.
He urged stakeholders to collaborate in refining the platform to satisfy the evolving wants of the diaspora group.
He additional emphasised that the initiative would strengthen financial ties between Nigeria and its international residents, and finally drive sustainable financial development.
“Collectively, we stand on the threshold of a brand new period, poised to deepen the belief, improve remittance development, and forge a stronger, extra significant connection between Nigeria and its international residents,” Abdullahi stated.
The NRBVN platform is a part of a broader framework that features the Non-Resident Extraordinary Account and Non-Resident Nigerian Funding Account, which offer Nigerians within the diaspora with entry to financial savings, mortgages, insurance coverage, pensions, and funding alternatives in Nigeria’s capital markets.
Beneath present rules, diasporans could have the flexibleness to repatriate the proceeds of their investments.
The launch of the NRBVN platform marks a vital step within the CBN’s efforts to enhance monetary inclusion and harness the financial potential of Nigeria’s diaspora.
