Nigeria Central Bank launches digital platform

Through this, the financial institution intends to mitigate the need for physical verification in Nigeria, in turn scaling formal remittance flows and financial inclusion in the region. The Central Bank of Nigeria plans to increase monthly diaspora remittances to USD 1 billion. By introducing the Non-Resident Bank Verification Number (NRBVN) platform, the bank seeks to help achieve this objective by simplifying access to Nigerian financial services for individuals living abroad.

Optimising remittances for Nigerians

The platform was rolled out in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) and enables Nigerians in the diaspora to remotely register for a BVN, leveraging a secure digital verification process. The tool provides access to Non-Resident Ordinary Accounts (NROA) and Non-Resident Nigerian Investment Accounts (NRNIA), supporting savings, investment, insurance, and pension services.

Furthermore, commenting on the initiative, representatives from the Central Bank of Nigeria underlined that, historically, many Nigerians abroad faced difficulties in accessing financial services in their home country due to physical verification requirements. By rolling out the digital platform, the financial institution aims to support them through more efficient and affordable access to financial services. In addition to scaling financial inclusion, the move is also set to build trust in formal remittance channels.

Moving forward, the Central Bank of Nigeria is requesting banks, fintech companies, and money transfer operators to collaborate and integrate NRBVN into broader financial services, including capital markets.

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