10 Benefits of CBN’s Newly Launched Non-Resident Bank Verification Number For Nigerians Abroad
- The Central Bank of Nigeria (CBN) has launched the Non-Resident Bank Verification Number (NRBVN) for Nigerians in diaspora
- The new platform aims to reduce the hassles of BVN registration for Nigerians living abroad
- According to the apex bank, the NRBVN will drive financial inclusion, promote transparency and allow for seamless transactions
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
In a bold move to bridge the remittance connection between Diaspora Nigerians and their loved ones and business concerns back home, the Central Bank of Nigeria (CBN) has officially launched the Non-Resident Bank Verification Number (NRBVN) platform.
The platform was developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) to unlock financial access, marking a significant milestone in Nigeria’s financial inclusion journey
Source: Original
10 benefits of the NRBVN
You can now get your BVN without coming to Nigeria
Gone are the days when diaspora Nigerians had to fly home or jump through bureaucratic hoops just to get a Bank Verification Number.
The NRBVN allows you to enrol digitally from anywhere in the world, using a secure online process. It’s fast, safe, and completely remote.
It’s a major win for financial inclusion
This is more than just a convenience, it's a milestone in Nigeria’s financial inclusion journey.
The NRBVN opens the door for millions of Nigerians abroad to open accounts, make investments, send money home, and participate in the financial ecosystem without barriers.
Global best practices from successful models
The CBN has drawn from proven international approaches to diaspora financial inclusion. Inspired by Global success stories, the CBN studied best-in-class diaspora platforms like India’s NRE/NRO accounts and Pakistan’s Roshan Digital Account.
These platforms have attracted billions in inflows, and by adapting these successful models to Nigeria's context, the CBN aims to unlock the same kind of potential.
It’s more than just a BVN
The NRBVN is part of a wider framework that includes the Non-Resident Ordinary Accounts (NROA) and Non-Resident Nigerian Investment Accounts (NRNIA).
This gives diaspora Nigerians access to savings, equity, debt markets, insurance, pensions, and even mortgages, all within a well-regulated, flexible framework.
It is built on trust, security and compliance
Worried about fraud or shady systems? Don’t be. The NRBVN comes with robust KYC (Know Your Customer) and AML (Anti-Money Laundering) checks that meet global standards.
Every user goes through secure digital verification to maintain integrity and protect the financial system.
Boosts remittance inflows
Remittance inflows, which are Nigeria’s 2nd highest source of FX after oil, already jumped from $3.3 billion in 2023 to $4.73 billion in 2024. The CBN now targets a goal of $1 billion per month.
With the NRBVN, the CBN is optimistic about evolving easier and more attractive channels through banking and fintech innovations.
It’s an open invitation to think bigger and design financial services that truly meet the needs of a global Nigerian audience.
It aims to achieve lower remittance costs
Sending money home shouldn't cost a fortune. With Sub-Saharan Africa having the highest remittance costs globally, the CBN is now actively working to bring these costs down, ensuring more money ends up in the hands of Nigerian families, not middlemen.
Unlocks new markets for financial service providers
More Nigerian banks, fintechs, and International Money Transfer Operators (IMTOs) would now be able to integrate with the NRBVN platform to build a secure, efficient, and inclusive financial ecosystem for Nigerians globally.
With more participating financial institutions, Nigerians in Diaspora would not be short of choice, making it a win-win for all.
It’s conceptualised with inputs from Nigerians in Diaspora
The NRBVN is one initiative envisioned by the CBN and then pitched to Nigerians in the Diaspora to understand their needs and get their inputs before designing and creating the platform.
This is about inclusivity and community, it’s one policy initiative that stands out to truly serve those it has been created for.
It has an evolutionary DNA
The CBN has not designed the platform as a final destination, but one that would continue to evolve responsively with the needs of users. This is just the starting point.
Source: Original
At its core, the NRBVN is about connection. No matter where they live, Nigerians abroad now have a reliable, regulated and empowering way to stay linked to their roots, contribute to national development, and participate fully in Nigeria’s economic future.
The NRBVN is more than a platform, it’s a promise. A promise that wherever Nigerians may be in the world, they remain seamlessly connected to the formal financial system at home.
With this step, the CBN is reinforcing its commitment to financial inclusion, access, and opportunity for all.
New data shows 2.14% rise in BVN enrolment
Legit.ng earlier reported that new data released by the Nigeria Inter-Bank Settlement System showed the number of BVN issued in Nigeria climbed to 64.8 million in January 2025.
This represented a 2.14% increase from the 63.5 million recorded at the end of 2024.
The Bank Verification Number (BVN) is an 11-digit unique identity for each individual across the Nigerian Banking industry.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
