CBN launches diaspora BVN platform to boost remittances

The Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement System (NIBSS) launched the Non-Resident Bank Verification Number (NRBVN) platform, enabling Nigerians abroad to obtain a BVN digitally without traveling to Nigeria.
The platform supports secure remote identity verification, aligns with global Anti-Money Laundering standards, and facilitates account opening with 27 Nigerian banks and remittances via international gateways across 38 countries.
The initiative aims to enhance financial inclusion for the diaspora, boost remittance inflows (which increased from $3.3 billion in 2023 to $4.73 billion in 2024), and strengthen Nigeria’s financial ecosystem.
The system will improve convenience, regulatory compliance, and transparency, fostering greater participation in Nigeria’s formal financial sector and attracting foreign direct investment.