CBN Launches New BVN Platform for Nigerians Abroad

• The CBN and NIBSS have launched a new platform to allow Nigerians abroad to obtain Bank Verification Numbers remotely
• The new platform now eliminates the need for physical presence in Nigeria and allows them to operate a bank account
• With the new platform, which improves access, CBN is hoping to increase monthly remittances to $1 billion

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has introduced the Non-Resident Bank Verification Number (NRBVN) platform.

The new BVN platform aims to enhance financial accessibility for Nigerians living abroad.

The new platform was officially launched in Abuja on Tuesday, May 13.

The NRBVN platform enables Nigerians abroad to obtain their Bank Verification Numbers remotely, eliminating the need for physical presence in Nigeria.

The NRBVN platform forms part of a comprehensive framework that includes the Non-Resident Ordinary Account and Non-Resident Nigerian Investment Account, offering diasporans access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets, with flexibility in repatriating investment proceeds.

This initiative addresses longstanding challenges faced by Nigerians in the diaspora, who previously encountered difficulties accessing financial services due to physical verification requirements.

CBN reacts to the launch of NRBVN

CBN Governor, Olayemi Cardoso, hailed the platform as a significant milestone in Nigeria's financial inclusion journey.

Vanguard reports that the platform will foster a more inclusive and innovative financial ecosystem.

His words:

"For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements."

"The NRBVN changes that. Through secure digital verification and robust Know Your Customer processes, Nigerians worldwide will now be able to access financial services more easily and affordably."

Cardoso also used the opportunity to speak on the recent reforms embarked on by the CBN under his leadership, Punch reports.

He noted that through the willing buyer, willing seller FX regime, there is a notable increase in remittance flows, rising from $3.3 billion in 2023 to $4.73 billion in 2024.

With the launch of the NRBVN, the CBN aims to achieve $1 billion in monthly remittance flows, leveraging enhanced trust and convenience in formal remittance channels.

NIBSS speaks on new BVN platform for diaspora

Premier Oiwoh, Managing Director/CEO of NIBSS, detailed the technical and operational aspects of the NRBVN platform, underscoring its adherence to global standards and rigorous Anti-Money Laundering and KYC compliance protocols for transparency and security.

Also, Muhammad Abdullahi, Deputy Governor, Economic Policy, CBN, described the NRBVN as a transformative tool for enhancing banking experiences for Nigeria’s diaspora, urging stakeholders to collaborate in refining the platform to meet evolving needs.

He emphasised its potential to strengthen economic ties and drive sustainable growth.

PenCom BVN requirements for retirement savings accounts

In a related development, Legit.ng reported that PenCom has mandated the inclusion of the provision of Bank Verification Numbers (BVN) for retirement savings accounts.

The instruction was directed at saving accounts of workers of both the government and private companies.

There was also a new instruction on the documentation requirements for retirement savings account registration.

Source: Legit.ng