The Central Bank of Nigeria (CBN) is expanding financial access through its recently launched Non-Resident Biometric Verification Number (NRBVN) policy, as seen in the data from the Nigeria Inter-Bank Settlement System (NIBSS), which reveals that the number of Nigerian bank accounts linked to BVN rose by 2.7 million between December 2024 and July 2025, reaching 66.2 million.
The surge suggests the policy is effectively bringing more Nigerians, particularly those abroad into the financial system, according to analysts.
The Bank Verification Number (BVN) project, introduced in 2014, assigns each bank customer a unique biometric identity that enhances security and integrity across the Nigerian banking system. Widely regarded as one of the CBN’s most innovative initiatives, the BVN continues to transform banking operations and protect depositors’ funds.
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Under the leadership of Olayemi Cardoso, governor of the CBN, the banking sector is now witnessing an enrollment boost, partly driven by the rollout of the NRBVN in Abuja. The initiative is designed to integrate Nigerians in the diaspora into the domestic financial ecosystem.
Following the NRBVN launch, Cardoso urged banks to develop diaspora-focused products to maintain strong remittance flows and bolster dollar liquidity in the country.
BVN Enrolment Continues to Surge
As of July 2025, NIBSS reported that 66.2 million bank accounts were linked to BVNs, up from 63.5 million in December 2024 and 64.8 million in January 2025. Historical data shows consistent growth: 51.9 million accounts were BVN-linked in 2021, 56 million in 2022, and 60.1 million in 2023.
According to NIBSS, the BVN system gives each account holder a verifiable identity that enhances security and prevents unauthorised access across all Nigerian banks.
Economic Impact of the Non-Resident BVN
Cardoso emphasised that innovative, inclusive financial solutions are key to deepening diaspora engagement, boosting remittance inflows, and driving financial inclusion.
“Our policies have evolved through continued dialogue with International Money Transfer Operators (IMTOs). Key changes like the willing buyer, willing seller regime, increased IMTO licenses, and FX market reforms have driven official remittance flows from $3.3 billion in 2023 to $4.73 billion in 2024,” Cardoso said.
With the NRBVN and related reforms, the CBN aims to hit a monthly remittance inflow target of $1 billion. Cardoso stressed that achieving this goal requires stakeholder collaboration and strict compliance with the FX Code and other regulatory frameworks to maintain market stability and integrity.
He encouraged IMTOs to integrate with the NRBVN platform to help build a secure, inclusive financial ecosystem for Nigerians worldwide.
“The NRBVN is not just a tool; it’s a bridge between Nigeria and its global citizens. It will continue to evolve, and we invite all stakeholders to help shape a responsive and impactful system,” Cardoso added.
He also reiterated the CBN’s commitment to reducing remittance costs currently averaging over 7 percent in Sub-Saharan Africa to improve affordability and maximize the developmental impact of these funds.
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IMTO Remittance Inflows Surge
The CBN’s 2024 data shows foreign exchange inflows via IMTOs rose to $4.76 billion, a 44.5 percent jump from $3.30 billion in 2023, reflecting the growing trust in formal remittance channels.
January 2024 saw a 32.5 percent year-on-year increase in inflows to $390.86 million, up from $295.21 million in January 2023. February recorded an even sharper 67.3 percent rise to $326.91 million, followed by $363.76 million in March (up 30% YoY).
April saw the highest year-on-year percentage increase 83.3 percent as inflows jumped to $466.11 million from $254.26 million in April 2023. May recorded $404.75 million (a 45.3% increase), while June reached $389.79 million (up 40.2%).
The strongest inflows came in July and August 2024. July posted $552.94 million, more than doubling the $240.35 million in July 2023 (a 130% increase). August followed with $585.21 million, up 116 percent from $271.24 million the year before. These two months alone contributed nearly a quarter of 2024’s total inflows.
From September to December, inflows showed mixed results. September brought in $336.61 million (up 40.8%), October $378.85 million (a 29.1% increase), while November dipped 22.1 percent to $252.28 million. December closed with a recovery, registering $316.59 million, a 9.1 percent year-on-year rise.
These trends align with the CBN’s market reforms under Cardoso’s leadership since September 2023.
The Broader Impact of Remittances
According to Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), over 1.24 million Nigerians reside abroad, with half living within Africa. He emphasised that remittances serve as lifelines for households funding health, education, and daily living while contributing significantly to economic resilience.
He noted that remittance inflows exceed foreign direct investments and foreign aid, providing cheaper, stable sources of capital. In countries like India and Lebanon, remittances support infrastructure; in the UAE, they provide market liquidity. In Nigeria, remittances represented 83 percent of the 2018 federal budget and were 11 times higher than FDIs that year, and 7.4 percent more than official development aid in 2017.
In a report titled “Diaspora Remittances: The Power Behind Africa’s Sustainable Growth,” Mohamed Touhami el Ouazzani, Western Union’s Regional VP for Africa, highlighted that $90 billion flowed into Africa from its diaspora in 2023 alone, rivaling the GDP of some nations.
“Remittances symbolise deep-rooted connections across borders. Families depend on them for essential needs and financial stability. But beyond this, remittances also fuel infrastructure, entrepreneurship, and financial inclusion, key pillars of long-term development,” he stated.
He cited Ghana’s Financial Inclusion Strategy and the use of diaspora bonds in Kenya, Ethiopia, and Nigeria as examples of how remittances are being leveraged for national growth.
Cardoso explained that historically, Nigerians in the diaspora have faced significant hurdles when seeking access to financial services in Nigeria.
The mandatory physical verification required for obtaining a BVN often incurred considerable costs in terms of time and financial resources, especially for individuals residing in remote locations. The NRBVN platform addresses these very concerns. Through digital verification and robust Know Your Customer (KYC) processes, Nigerians across the globe can now remotely obtain their BVN swiftly and securely.
This single digital gateway will enable seamless access to banking services, including opening accounts and securely sending funds, dramatically enhancing convenience and reducing costs.
“In developing this solution, we draw valuable lessons from countries such as India and Pakistan. India’s Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts have significantly simplified banking processes for its diaspora, and Indian banks currently hold approximately $160 billion in diaspora deposits, achieved by providing attractive and tailored products and services,” he said.
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According to the CBN governor, in developing the NRBVN, the team also took cognizance of Pakistan’s innovative Roshan Digital Account, offering fully online onboarding and investment opportunities and successfully attracting nearly $10 billion since its inception.
These examples, Cardoso explained, underscore the power of digital financial inclusion and specifically tailored products in driving meaningful engagement and substantial economic inflows from diaspora populations.
“Our NRBVN platform is similarly designed to offer more than access, it is about opportunity. It is complemented by the Non-Resident Ordinary Account (NROA) and Non-Resident Investment Account (NRNIA) initiatives, collectively forming a robust framework designed to incentivise our global diaspora to channel their funds through formal financial systems into productive uses at home.”
“By providing investment accounts, diasporans will have access to a variety of growing investment opportunities in our debt and equities markets, as well as products such as mortgages, insurance, and pensions. Importantly, diasporans will also have the flexibility to fully repatriate the proceeds of their investments in accordance with existing regulations, ensuring confidence and convenience in managing their assets,” he said.
