CBN targets $1bn monthly diaspora remittance, unveils platform for BVN foreign applications

CBN targets $1bn monthly diaspora remittance, unveils platform for BVN foreign applications

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

According to the apex bank, this innovative digital gateway allows Nigerians in the diaspora to obtain a BVN remotely without needing a physical presence in Nigeria.

The CBN governor, Yemi Cardoso, described the initiative as a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to its global citizens.

“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.

Mr Cardoso described the NRBVN as a dynamic platform.

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“It is not the final destination but the beginning of a broader journey.

“Stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs) are encouraged to integrate and collaborate in shaping and refining the system as it evolves,” he said.

He said that remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024, due to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.

According to him, with the NRBVN in place, the CBN is optimistic about reaching its $1 billion monthly remittance target.

“This platform is not just about financial access, it is about national inclusion, innovation, and shared prosperity,” he said.

Mr Cardoso also reiterated the apex bank’s commitment to reducing the high cost of remittances in Sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform.

In his remarks, Muhammad Abdullahi, CBN’s Deputy Governor, Economic Policy Directorate, said the NRBVN stood as a transformative tool, designed to enhance the banking experience for our diaspora community.

Mr Abdullahi said that by providing secure, remote access to financial services, the platform simplifies the process of maintaining robust banking relationships, facilitating meaningful investments in Nigeria, and supporting the seamless flow of remittances.

The inauguration also featured a presentation by the managing director of NIBSS, Premier Oiwoh, and a panel discussion with key industry stakeholders.

The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).

They enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.

Under current regulations, Nigerians in the diaspora will retain the flexibility to repatriate the proceeds of their investments.

CBN targets $1bn monthly diaspora remittance, unveils platform for BVN foreign applications

(NAN)