CBN Unveils Digital BVN Platform to Unlock $1 Billion in Monthly Diaspora Remittances

By Achimi Muktar

In a bold move to tap deeper into the goldmine of diaspora remittances, the Central Bank of Nigeria (CBN) has unveiled a groundbreaking digital solution poised to revolutionize how Nigerians abroad connect with the nation’s financial system.

On Tuesday in Abuja, CBN Governor Olayemi Cardoso officially launched the Non-Resident Bank Verification Number (NRBVN) platform—an innovative service developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS). The platform eliminates the need for in-person verification in Nigeria, allowing Nigerians in the diaspora to remotely obtain their BVN and access a full suite of financial services from anywhere in the world.

A Long-Awaited Lifeline for Global Nigerians

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” said Cardoso. “The NRBVN changes that.”

Built on secure digital verification and global Know Your Customer (KYC) protocols, the NRBVN is more than just a tech upgrade—it's a long-overdue lifeline for millions of Nigerians cut off from banking services due to distance. Now, from London to Toronto, Nigerians can seamlessly open accounts, transfer funds, invest in Nigerian markets, and more—without stepping foot on home soil.

The $1 Billion Vision: A Boost for Nigeria’s Economy

At the heart of the initiative is a strategic goal: to drive $1 billion in monthly remittance flows into Nigeria. The country already saw formal remittances jump from $3.3 billion in 2023 to $4.73 billion in 2024, thanks to recent foreign exchange reforms. But with the NRBVN platform in place, the CBN is aiming higher.

“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows,” said Cardoso. He stressed that increased trust in formal remittance channels and reduced transaction costs will be key to reaching that milestone.

More Than Remittances: A Gateway to Opportunity

But the platform isn’t just about sending money. The NRBVN opens doors to a broader array of financial tools tailored for diaspora Nigerians: Non-Resident Ordinary Accounts (NROA), Non-Resident Nigerian Investment Accounts (NRNIA), and access to Nigeria’s mortgage, insurance, pension, and capital markets.

These services will not only connect the diaspora to homegrown opportunities but also allow them to repatriate investment proceeds under current regulations—making Nigeria’s capital markets more appealing to global investors of Nigerian descent.

Security, Compliance, and Confidence

Security remains central to the NRBVN’s rollout. According to Mr. Premier Oiwoh, Managing Director/CEO of NIBSS, the platform adheres strictly to global Anti-Money Laundering (AML) and KYC standards. Each registration undergoes rigorous verification to protect the integrity of Nigeria’s financial system.

“We designed NRBVN with the highest international standards to ensure safety, trust, and ease of access for our global citizens,” said Oiwoh.

A Call for Collaboration

Governor Cardoso urged banks, fintechs, and International Money Transfer Operators (IMTOs) to work together to refine and scale the platform.

“This is not just about technology—it’s about national inclusion, economic innovation, and prosperity,” he said.

As Nigeria looks to its citizens abroad to drive economic growth, the NRBVN platform may well become the digital bridge that transforms diaspora sentiment into sustainable national development—and billion-dollar inflows.