The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched a new platform aimed at increasing diaspora remittances into the country's economy.
The Non-Resident Bank Verification Number (NRBVN) platform, unveiled on Tuesday, will enable Nigerians living abroad to obtain their Bank Verification Number remotely, eliminating the previous requirement for physical presence in Nigeria for verification.
Speaking at the launch event, CBN Governor Olayemi Cardoso emphasized that the initiative addresses longstanding challenges faced by Nigerians in diaspora when accessing financial services in their home country.
"For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements," Cardoso stated. "The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide will now be able to access financial services more easily and affordably."
The new platform represents a significant milestone in the CBN's ongoing efforts to expand financial inclusion and better integrate the Nigerian diaspora into the country's economic framework.
Nigeria's diaspora community continues to be a vital source of foreign exchange inflows. In 2024 alone, the country received $20.93 billion in personal diaspora remittances, highlighting the economic significance of facilitating easier financial transactions for Nigerians abroad.
The NRBVN initiative is expected to further boost these figures by removing barriers that previously limited diaspora participation in Nigeria's financial ecosystem.
Financial analysts believe this development could significantly impact Nigeria's foreign exchange liquidity position, potentially strengthening the naira and supporting the government's economic diversification agenda.
The platform's launch aligns with broader CBN reforms aimed at modernizing Nigeria's financial infrastructure and improving the ease of conducting transactions across borders.
