CBN, NIBSS Launch Digital BVN–NRBVN for Nigerians Abroad

The Central Bank of Nigeria (CBN) has introduced a new platform called the Non-Resident Bank Verification Number (NRBVN) to help Nigerians living abroad access banking services easily. The CBN launched the platform in partnership with the Nigeria Inter-Bank Settlement System (NIBSS). This move aims to boost financial inclusion and attract up to $1 billion in monthly remittances from the diaspora.

CBN Makes BVN Registration Easy for Nigerians Overseas

On Tuesday, CBN Governor Olayemi Cardoso said the NRBVN platform removes the need for Nigerians abroad to travel back home just to register for a Bank Verification Number (BVN). Now, they can get their BVN online from anywhere in the world.

“For a long time, Nigerians abroad struggled to access financial services because they needed to register in person,” Cardoso said. “With this platform, they can now register remotely.”

Cardoso explained that the NRBVN will not only help Nigerians get easier access to banking services but will also create a safer, more modern financial system. The platform uses strict Know Your Customer (KYC) checks and strong digital security to protect users.

Platform to Boost Monthly Remittances to $1 Billion

The CBN hopes this new system will help increase money sent home by Nigerians abroad. In 2023, the country received $3.3 billion in remittances. That number grew to $4.73 billion in 2024. With NRBVN and other reforms like the “willing buyer, willing seller” foreign exchange policy, the CBN is aiming for $1 billion per month.

“We believe this target is possible,” Cardoso said. “People now trust formal channels and find them more convenient.”

NIBSS Explains How the Platform Works

Premier Oiwoh, Managing Director of NIBSS, explained how the NRBVN platform works. He said it follows global rules on anti-money laundering and customer verification. This helps make the platform safe and reliable for everyone.

Muhammad Abdullahi, the Deputy Governor of Economic Policy at CBN, described NRBVN as a game-changer for the diaspora. He encouraged banks and tech partners to improve the platform to meet the changing needs of Nigerians living abroad.

“This platform will build stronger ties between Nigeria and its global citizens,” Abdullahi said. “It will also support long-term economic growth.”

What Is BVN and Why Does It Matter

The Bank Verification Number (BVN), launched in February 2024, is an 11-digit ID number given to every Nigerian bank customer. It helps identify people across all banks and reduces the risk of fraud. With the NRBVN platform, Nigerians abroad can now get their BVN without traveling home.

How NRBVN Helps the Diaspora

The NRBVN platform is part of a bigger plan that includes Non-Resident Ordinary Accounts and Non-Resident Nigerian Investment Accounts. These options allow Nigerians abroad to save money, buy insurance, get mortgages, invest in pensions, and access Nigeria’s capital markets. They can also send their profits back to their country of residence.

The platform makes BVN registration and access to financial services easy. It uses strong security features and meets global standards to protect users’ information.

Benefits of NRBVN for Nigerians Abroad

• You can register for a BVN online without going to a bank in Nigeria.
• You can open accounts in foreign currencies like USD, GBP, or EUR.
• You get access to fast, secure, and simple banking services.
• You enjoy smooth account opening and transfers with real-time help.
• Your transactions are protected by global KYC and AML standards.

How to Register for NRBVN

To register, applicants need to submit their ID, personal details, and KYC documents like utility bills or bank statements on the NRBVN website. The platform will also run a facial recognition (liveness) check.

Documents Needed for NRBVN Registration:

• A valid ID (passport or national ID card)
• Proof of residency (like a utility bill or lease)
• Employment ID or letter (for job verification)
• Letter of reference from a bank (if available)
• Proof of income or tax documents (optional for added verification)

The platform also performs full checks, including identity verification, source of income reviews, and enhanced due diligence for high-risk users. It also monitors transactions for fraud and checks user information against international watchlists like OFAC and UN sanctions lists.

With these steps, the CBN and NIBSS aim to provide a trusted, safe, and easy-to-use banking service for Nigerians all over the world.