CBN Introduces Non-Resident BVN For Nigerians in Diaspora

The Central Bank of Nigeria, CBN, in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has officially launched the Non-Resident BVN (NRBVN), a secure digital platform designed for banking access for Nigerians in diaspora.

In a statement by the apex bank’s 𝕏 handle formerly Twitter on Wednesday, the CBN Governor, Olayemi Cardoso, noted that the significant move was to promote financial inclusion, emphasising that the NRBVN platform marks a pivotal achievement in Nigeria’s efforts towards financial inclusion, showcasing a dedication to innovation, inclusive development, and economic integration.

With the implementation of digital verification and comprehensive Know Your Customer (KYC) protocols, Nigerians worldwide can now efficiently and securely acquire their BVN remotely,” stated Cardoso.

The CBN Governor further noted that the NRBVN provides a unified digital platform that allows Nigerians abroad to open bank accounts, transfer funds securely, and utilize banking services with enhanced convenience and reduced costs.

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Cardoso has encouraged Nigerian banks to create customised products for the Diaspora, asserting that such innovations will enhance financial inclusion and significantly increase remittance flows through official channels.

Governor Cardoso has restated the CBN’s target of $1 billion in monthly remittances.

He has emphasised the need for all stakeholders to comply with the FX Code and regulatory guidelines to preserve market stability and trust.

“The NRBVN is a dynamic, evolving platform—a bridge connecting Nigeria with its global citizens—and reaffirms the Bank’s commitment to lowering remittance costs and expanding financial inclusion for all Nigerians,” Cardoso noted.