CBN Unveils NRBVN Framework To Connect Nigerians Abroad With Homegrown Financial Services

By Abu Ismail 

In a move set to redefine financial accessibility and deepen Nigeria’s economic integration with its global citizens, 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) Framework. This innovative digital initiative is designed to grant Nigerians in the diaspora a seamless entry point into the nation's banking system.

Speaking at the unveiling, the Governor of the Central Bank, Mr. Olayemi Cardoso, described the launch as a “major milestone in Nigeria’s financial inclusion drive,” emphasizing its transformative role in uniting innovation, inclusive growth, and economic expansion. The NRBVN platform, he said, offers a secure and swift channel through which Nigerians abroad can obtain their Bank Verification Number (BVN) remotely, leveraging cutting-edge digital verification and stringent Know Your Customer (KYC) processes.

“The NRBVN is more than a technology—it is a bridge. A bridge that connects Nigeria to her sons and daughters abroad, ensuring that distance is no longer a barrier to financial inclusion,” Cardoso affirmed.

The framework enables Nigerians outside the country to open accounts, remit funds securely, and access essential banking services at significantly lower costs. The platform not only simplifies cross-border financial participation but also repositions Nigeria to harness the full economic potential of its diaspora community.

Cardoso challenged Nigerian banks to seize this opportunity to “develop tailored products for the diaspora market,” adding that doing so would not only enhance financial inclusion but also “drive remittance flows through formal channels.”

In line with the CBN’s ambitious target of attracting $1 billion in monthly remittances, the Governor urged strict compliance with the Foreign Exchange (FX) Code and regulatory guidelines to safeguard market integrity and bolster investor confidence.

The NRBVN framework is envisioned as a dynamic, continuously evolving platform. With it, the CBN reaffirms its unwavering commitment to lowering remittance costs, fostering trust, and building a truly inclusive financial ecosystem for all Nigerians, irrespective of location.

As the global economy becomes increasingly digitized, Nigeria takes a bold step forward—ensuring that its citizens, wherever they may reside, are never too far from home.