CBN Partners with NIBSS to Launch NRBVN Platform, Expanding Financial Access for Nigerians in the Diaspora

The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has officially launched the Non-Resident Bank Verification Number (NRBVN) platform—an innovative digital solution that enables Nigerians living abroad to seamlessly enroll for a Bank Verification Number (BVN) without the need for physical presence in Nigeria.

The launch event, held in Abuja on Tuesday, was led by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, who hailed the NRBVN initiative as a transformative milestone in the country’s ongoing drive toward deepening financial inclusion. According to him, the platform is designed to connect Nigeria with its global citizens by simplifying access to essential financial services from anywhere in the world.

Delivering a presentation at the event, the Managing Director/Chief Executive Officer of NIBSS, Mr. Premier Oiwoh, reaffirmed NIBSS’ commitment to deploying secure, world-class digital infrastructure that supports inclusive banking. He noted that the NRBVN platform is equipped with robust Know Your Customer (KYC) and Anti-Money Laundering (AML) frameworks, ensuring both compliance and security while enabling broader participation in Nigeria’s financial ecosystem.

With formal remittance flows increasing from $3.3 billion in 2023 to $4.73 billion in 2024, the NRBVN is expected to accelerate momentum toward achieving the CBN’s $1 billion monthly remittance target. Mr. Cardoso emphasized that this platform is not just a technological advancement, but a national bridge to prosperity and shared value.

The NRBVN is a key component of a broader framework that includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA). Together, these tools provide Nigerians in the diaspora with greater access to savings, mortgage facilities, pensions, insurance products, and investment opportunities in the Nigerian capital market—while maintaining the flexibility to repatriate returns under existing financial regulations.

NIBSS is proud to power this initiative and continues to work closely with banks, fintechs, and International Money Transfer Operators (IMTOs) to integrate with the NRBVN platform and ensure a seamless experience for users across the globe. The launch also featured a stakeholder panel discussion that explored collaborative strategies for optimizing the platform for long-term growth and sustainability.

This development reflects our shared commitment to building a resilient, transparent, and inclusive financial ecosystem—one that empowers every Nigerian, no matter where they are in the world.

First published: Tribune Online