CBN Launches Digital BVN for Nigerians Abroad, Targets $1 Billion Monthly Remittances

In a groundbreaking move to enhance financial inclusion and boost diaspora engagement, the Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has unveiled a new digital platform that allows Nigerians living abroad to obtain a Bank Verification Number (BVN) without travelling home.

The platform, dubbed the Non-Resident Bank Verification Number (NRBVN), was launched on Tuesday in Abuja. It enables secure, remote BVN enrolment through digital Know Your Customer (KYC) processes, meeting global standards in identity verification and data protection.

"For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements. The NRBVN changes that," said CBN Governor Olayemi Cardoso during the launch event. He described the initiative as a major step in reconnecting Nigeria with its global citizens and removing long-standing barriers to financial access.

The NRBVN is part of a broader strategy to deepen Nigeria’s financial ecosystem and encourage diaspora participation in formal banking services. It complements existing initiatives such as the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA), which offer access to mortgages, pensions, savings, and capital markets.

According to Cardoso, the platform is not just about convenience—it is a bold step toward building a more secure, inclusive, and globally connected Nigerian financial system. He emphasized that the NRBVN will evolve through collaboration with banks, fintech companies, and international money transfer operators (IMTOs).

The CBN is optimistic that the new platform will significantly boost remittance inflows and  targeting $1 billion in monthly remittances, aided by reforms such as the “willing buyer, willing seller” FX regime and lower remittance charges.

Also speaking at the event, NIBSS Managing Director Premier Oiwoh highlighted the platform’s technical robustness. He noted that the NRBVN resolves key challenges faced by the diaspora—such as lack of local access, regulatory rigidity, and the absence of a centralized digital enrolment channel.

The platform uses advanced technologies including biometrics, liveness detection, optical character recognition (OCR), and AI-powered identity validation. It supports BVN-linked account opening with 27 Nigerian commercial banks, including GTBank and Wema Bank, and integrates with international gateways like VEEM, allowing remittances from 38 countries across North America, Europe, and Asia.

Nigerians by descent can also access the system by providing valid proof of citizenship through parentage.

How it Works
The enrolment process begins with online onboarding: users upload ID documents, personal information, and a live photo for verification. After successful validation, they can choose a preferred Nigerian bank to complete account setup digitally. Remittances can then be sent through the platform’s built-in gateways, which feature compliance checks and continuous monitoring to prevent fraud and illicit transactions.

Why It Matters
Mr. Oiwoh outlined the platform’s wide-reaching benefits: faster onboarding, secure verification, access to savings and investment tools for individuals; broader market reach and regulatory compliance for banks and IMTOs; and stronger foreign inflows and financial stability for Nigeria.

With the NRBVN, Nigeria is positioning itself to harness the full potential of its diaspora—economically and digitally—on a secure, scalable platform built for the future.

SOURCE: AGENCIES