New Digital Platform Launched by Nigerian Central Bank to Liberate Over $1 Billion in Monthly Remittances
The Central Bank of Nigeria (CBN) has unveiled the Non-Resident Bank Verification Number (NRBVN) platform, a groundbreaking initiative designed to increase diaspora remittances and financial inclusion for Nigerians living abroad.
By enabling remote registration for a Bank Verification Number (BVN) and simplifying the process of opening domiciliary accounts in foreign currencies (USD, GBP, EUR), the NRBVN platform offers a seamless and secure onboarding experience for diaspora users. This digital onboarding, in turn, allows for more flexible investments and remittances directly from anywhere in the world.
Key features of the NRBVN platform include:
- Remote BVN enrollment: Nigerians in the diaspora can now register for a BVN online, significantly reducing the prior high costs and logistical barriers associated with obtaining a BVN abroad.
- Secure transactions with advanced biometric verification: The platform ensures compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, increasing trust and safety for diaspora users sending money home.
- Facilitated remittances and real-time fund transfers: Through the NRBVN system’s “Remit Money” option, users can efficiently remit funds using streamlined processes and receive real-time support, encouraging more use of formal channels over informal ones.
- Broad access to financial services: Integrated with other diaspora-focused banking products like the Non-Resident Ordinary Account and Nigerian Investment Account, the NRBVN platform offers savings, mortgage, pension, insurance, and investment opportunities, all accessible remotely.
The CBN aims to boost monthly diaspora remittances to $1 billion with the NRBVN platform, attracting not just remittances but also investments from Nigeria's diaspora. The platform adheres to global AML and KYC standards to maintain compliance and trust, and it encourages collaboration between banks, fintechs, and money transfer operators for broader financial service integration, including capital markets.
The NRBVN platform was launched in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) and has already shown promising results. Formal remittance inflows to Nigeria increased from $3.3B in 2023 to $4.73B in 2024, attributed to FX market reforms. With the new platform, investment repatriation is now possible for Nigerians in the diaspora, and the NRBVN platform could help achieve the $1 billion goal by streamlining access to Nigerian financial services for millions abroad.
In summary, the NRBVN platform acts as a digital bridge between Nigeria and its diaspora, reducing costs and barriers, improving security and convenience, and integrating multiple financial services to boost diaspora remittances and deepen financial inclusion.
- By leveraging advanced technology, the NRBVN platform streamlines the process of financial inclusion for Nigerians in the diaspora, enabling remote registration for a Bank Verification Number (BVN) and facilitating secure transactions in business, such as remittances and investments.
- As the NRBVN platform fosters seamless digital onboarding, diaspora users can participate in various business ventures and investments, including savings, mortgages, pensions, insurance, and capital markets, thus bridging the gap between technology and finance for Nigerians living abroad.
