…commits to slashing remittance costs, deepens diaspora inclusion
The new Non-Resident Bank Verification Number (NRBVN) is part of a broader push by the Central Bank of Nigeria (CBN) to hit a bold $1 billion monthly remittance target and reduce the high cost of sending money home, Governor Olayemi Cardoso has said.
NRBVN is a landmark digital initiative designed to unlock seamless access to Nigeria’s financial system for millions of Nigerians living abroad.
Speaking at the unveiling in Abuja on Tuesday, Cardoso described the NRBVN as a “bridge between Nigeria and its global citizens,” one that offers not just access, but opportunity.
“For years, our diaspora has faced steep hurdles—physical verification, limited access, and high transaction costs. With the NRBVN, we will eliminate those barriers and give every Nigerian abroad the chance to participate meaningfully in our economy,” Cardoso said.
Developed in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN allows Nigerians abroad to obtain a BVN remotely through digital verification, enabling access to a wide range of banking and investment services.
It is a critical infrastructure upgrade aimed at reducing friction in remittances, as authorities believe it would bolster investment flows and promote financial inclusion on a global scale.
BusinessDay understands that the target audience inincludesigerian citizens without BVN living abroad; those with BVN, but without local accounts; as well as Nigerians by descent without BVN or local accounts ,who must have evidence of Nigerian citizenship of either parent.
Cardoso cited international benchmarks, including India’s $160 billion diaspora deposit base and Pakistan’s $10 billion in inflows via its Roshan Digital Account, as compelling proof of what targeted digital innovation can achieve.
He explained that the NRBVN is the cornerstone of a broader framework that includes the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA).
Together, these platforms are designed to channel diaspora funds into formal and productive avenues—from capital markets to mortgages, insurance, and pensions—with the added assurance of full repatriation of returns under Nigeria’s existing FX laws.
The governor encouraged the banks to create tailored financial products for the diaspora, a move, he believes, could significantly amplify remittance inflows and spur long-term capital formation.
“We must move beyond viewing remittances solely as consumption support. These flows can be transformative if properly harnessed,” he said.
In 2024, Nigeria recorded a 43% jump in remittances through formal channels, rising from $3.3 billion to $4.73 billion.
Cardoso attributed the increase to ongoing reforms, including the adoption of the “willing buyer, willing seller” FX regime, licensing of more International Money Transfer Operators (IMTOS, and currency convergence.
“With the introduction of NRBVN and complementary policy measures, we are positioned to unlock even greater volumes. Our $1 billion monthly remittance target is not just aspirational—it’s achievable given the growing trust and convenience in formal remittance channels,” he said.
The Governor also made a strong commitment to reducing the cost of remittances, which currently average over 7% in Sub-Saharan Africa.
Lower costs, he noted, will make formal channels more attractive, safe, and impactful for recipients.
He called on IMTOS to integrate with the NRBVN platform and urged all stakeholders to comply fully with Nigeria’s FX code and regulatory guidelines to ensure market integrity.
Speaking at the event, Muhammad Sani Abdullahi, CBN Deputy Governor for economic policy, hailed the NRBVN as a transformative step in bridging the gap between Nigeria’s global citizens and the domestic financial system.
“We are standing at the threshold of a new era. The NRBVN is more than just a technological innovation—it is a bold reaffirmation of our commitment to financial inclusion, economic resilience, and national pride,” Abdullahi said.
According to him, the global Nigerian community is vast, resourceful, and deeply connected to the country’s development story.
“This initiative ensures that every Nigerian, regardless of geography, can be a full participant in the economic transformation of our country.”
“The NRBVN is not just a ceremonial launch,” Abdullahi emphasised.
“It is a call to action and an invitation to collaborate. We are building a bridge—one that is secure, inclusive, and dynamic. And we need your feedback, your voices, and your ideas to make it truly world-class.”
During his presentation, Premier Oiwoh, Managing Director/CEO of NIBSS, said that the initiative has already gone live, with over 27 commercial banks participating.
Also, NRN account opening has commenced with applications already received from over 300 Nigerians in Diaspora. He highlighted the platform’s significant benefits and assured stakeholders that key concerns, particularly around data privacy, —have been thoroughly addressed within the system’s design.
Abike Dabiri-Erewa, Chairperson of the Nigerians in Diaspora Commission (NIDCOM), described the initiative as a game changer for the economy, particularly for many Nigerians abroad who have long faced significant challenges in accessing and participating in the country’s financial system.
She added that her office has received a flood of inquiries from Nigerians abroad eager to understand how they can tap into the new platform.
“This shows just how ready and willing our diaspora community is to contribute meaningfully to national development. What they have needed is access, and now they have it,” Dabiri-Erewa said.
Adaora Umeoji, Group Managing Director and CEO of Zenith Bank, echoed the sentiment that the NRBVN initiative is both strategic and transformative, calling it a “game changer” for the Nigerian financial ecosystem.
She noted that Zenith Bank, having been actively involved in the development of the NRBVN, is fully prepared to onboard interested Nigerians in the diaspora.
“We have invested in extensive staff training to ensure a seamless experience for users. We are ready to support Nigerians abroad every step of the way,” Umeoji said.
