The Central Bank of Nigeria (CBN) has officially launched the Non-Resident Bank Verification Number (NRBVN), a strategic initiative aimed at extending banking access to Nigerians living abroad. The move is part of the apex bank’s efforts to strengthen financial inclusion and improve diaspora engagement.
The NRBVN will allow Nigerians in the diaspora to seamlessly link with Nigeria’s financial system, enabling them to open and operate Nigerian bank accounts from anywhere in the world without requiring a physical presence.
Unveiling the initiative in Abuja, CBN Governor, Dr. Olayemi Cardoso, said the NRBVN is a major milestone in integrating diaspora Nigerians into the country’s formal financial ecosystem.
“This platform ensures that our citizens abroad can now carry out banking transactions, invest in the Nigerian economy, and contribute more effectively to national development,” he said.
The CBN explained that the NRBVN registration process will be facilitated through Nigerian embassies, consulates, and designated financial institutions with global reach. Nigerians abroad will be required to provide valid identification, proof of residency in their host country, and complete biometric verification at approved centres.
With remittances from Nigerians abroad amounting to over $20 billion annually, the apex bank hopes this innovation will increase transparency, build trust in the financial system, and drive more formal inflows into the Nigerian economy.
Financial experts have applauded the initiative, noting its potential to boost diaspora investment and foster closer ties between Nigeria and its global citizenry. They also emphasized the need for robust cybersecurity and data protection measures to safeguard user information.
Commercial banks are expected to begin integration of the NRBVN into their customer onboarding systems immediately, with full nationwide rollout projected within the next quarter.
