The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has officially launched the Non-Resident Bank Verification Number (NRBVN) platform.

Launched on Tuesday, the innovative digital gateway, which is projected to actualise the CBN’s $1 billion monthly diaspora remittances target and about $12 billion annually, allows Nigerians in the diaspora to obtain a BVN remotely without the need for a physical presence in the country.

Speaking at the launch attended by stakeholders in the financial ecosystem, including the chief executives of commercial banks in Abuja, CBN Governor, Olayemi Cardoso, hailed the initiative as a milestone in the country’s financial inclusion journey and a critical bridge connecting the country to its global citizens.

The CBN governor also hinted that the initiative could reduce the high cost of remittances in Sub-Saharan Africa and ensure continued engagement with stakeholders to optimise the platform.

He added that the CBN remained committed to reducing the cost of remittances, currently averaging over seven per cent in Sub-Saharan Africa, adding that lowering these costs would enhance the safety and appeal of formal channels while amplifying the socioeconomic impact of diaspora remittances on Nigerian households and the broader economy.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements.

“The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably,” he said.

He emphasised that the NRBVN is a dynamic platform, “not the final destination, but the beginning of a broader journey.”