CBN, NIBSS Launch New Platform To Attract $1bn Monthly Diaspora Remittances Inflow

The Central Bank of Nigeria, CBN and the Nigeria Inter-Bank Settlement System (NIBSS), have partnered to launch the Non-Resident Bank Verification Number, NRBVN platform to ease the inflow of diaspora remittances.

The new platform, unveiled on Tuesday, is aimed at simplifying the process for Nigerians living abroad to obtain their Bank Verification Number, BVN, remotely, removing the need for in-person verification in Nigeria.

The NRBVN initiative is seen as a major milestone in the CBN’s efforts to expand financial inclusion and integrate the Nigerian diaspora into the country’s economic activities.

With the new initiative, the apex bank is set to attract the $1 billion in monthly remittance flows.

Speaking at the launching event, the Governor of CBN said the platform would ease the difficulties faced by Nigerians abroad in accessing financial services.

Hear him; “For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” said Cardoso. 

“The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide will now be able to access financial services more easily and affordably,” he stated.

“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels,” said the Governor.

He also reiterated the CBN’s commitment to reducing the high cost of remittances, which currently averages over 7% in Sub-Saharan Africa. The launch of the NRBVN platform is expected to further reduce these costs, making remittance services more accessible and cost-effective for Nigerians abroad.

The NRBVN platform is part of a broader framework designed to facilitate the financial integration of Nigerians in the diaspora. In addition to the BVN registration, the platform provides access to Non-Resident Ordinary Accounts (NROA) and Non-Resident Nigerian Investment Accounts (NRNIA), offering diaspora Nigerians a wider range of financial services.

These services include access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.

The platform also incorporates global standards for security and compliance. Every NRBVN registration undergoes thorough verification checks to ensure the integrity of the financial system.

Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols have been integrated into the platform, ensuring transparency and safeguarding against illicit financial activities.

Mr. Premier Oiwoh, Managing Director/CEO of NIBSS, presented the technical and operational details of the platform at the event. He highlighted the platform’s adherence to international standards, ensuring the security of all transactions while bolstering international confidence in Nigeria’s financial system.