Nigeria’s Central Bank Launches New Way for Nigerians Abroad to Get Bank Verification Number (BVN)
The Central Bank of Nigeria (CBN) has started a new service called the Non-Resident Bank Verification Number (NRBVN) platform. This new system is made to help Nigerians who live outside the country (the diaspora) get easier access to financial services in Nigeria.
This platform was created with the help of the Nigeria Inter-Bank Settlement System (NIBSS). It is part of CBN’s effort to make sure more people, especially Nigerians living abroad, can be included in the country’s financial system.
CBN hopes that this system will help bring in $1 billion every month from money sent back home by Nigerians abroad.
Why This Platform is Important
Before now, Nigerians living in other countries had to travel to Nigeria just to register for a BVN. This made it hard and expensive for them to open or use bank accounts back home.
With the new NRBVN platform, they can now register for their BVN online — from wherever they are in the world. This means they do not need to come back to Nigeria just to do it.
The Governor of the Central Bank, Mr. Olayemi Cardoso, said that this is a big achievement for Nigeria. He said the platform will help Nigerians abroad who have had problems using banks in Nigeria because they could not be physically present for BVN registration.
More Than Just Financial Access
Cardoso also said that this system is not only about making banking easier. It’s also about making the entire financial system better, more secure, and more inclusive. He believes this will bring growth and new opportunities for all Nigerians — both at home and abroad.
But he also made it clear that while it is easier to use, the system will still have strong identity checks to make sure it is safe and secure.
CBN’s Goal: $1 Billion a Month from Remittances
Nigeria receives billions of dollars every year from citizens living abroad. In 2023, about $3.3 billion was sent back. In 2024, that number went up to $4.73 billion. Now, CBN is aiming for $1 billion every month through this new platform and other new financial policies.
CBN believes this goal is possible because more people trust the new system and it is now easier to send money through official channels.
How the System Works
At the launch event, Mr. Premier Oiwoh, the CEO of NIBSS, explained how the platform works. He said the system follows global rules to prevent money laundering and fraud. It checks the identity of everyone who signs up to make sure everything is done legally and safely.
Mr. Muhammad Abdullahi, the Deputy Governor of the Central Bank in charge of Economic Policy, also spoke. He said that the NRBVN is a powerful tool that will improve the banking experience for Nigerians living abroad. He asked all partners and stakeholders to keep improving the platform to fit the needs of Nigerians overseas.
What is BVN and Why is It Important?
The Bank Verification Number (BVN) is an 11-digit number that identifies each bank customer in Nigeria. It helps banks know who their customers are and makes it easier to track and protect their accounts.
The BVN system also helps fight fraud and identity theft.
More Services for Nigerians Abroad
The NRBVN platform is part of a bigger plan that includes other services like:
Non-Resident Ordinary Account
Non-Resident Nigerian Investment Account
These services allow Nigerians abroad to save money, get mortgages, buy insurance, invest in Nigerian businesses, and prepare for retirement — all without being in Nigeria.
People who use these services can also take their money back abroad if they want to.
What NRBVN Lets You Do
With NRBVN, Nigerians living abroad can:
Register for BVN from anywhere in the world.
Open domiciliary bank accounts in dollars (USD), pounds (GBP), or euros (EUR).
Use biometric identity checks to make sure it’s safe and secure.
Transfer money and open accounts easily and quickly.
How to Register for NRBVN
To register for NRBVN, you must:
Go to the NRBVN website.
Submit the following documents:
A valid ID (passport or national ID card).
Proof of where you live (like a utility bill or rent document).
Proof of work or a letter from your employer.
A letter from a bank that knows you (if needed).
Proof of income or tax return (optional).
The system will check your identity and carry out safety checks, including:
Making sure the documents are real.
Checking where your money comes from.
Confirming your address.
Looking closely at accounts that might be at higher risk (like if you’re a politician or public figure).
It also monitors all transactions for suspicious activity. It works with international partners to meet global safety and anti-money laundering rules.
In Summary
The NRBVN is a big step forward for Nigeria. It helps millions of Nigerians living abroad to easily connect with the financial system back home, send money, save, and invest — all safely and legally. It also helps the country earn more through remittances and grow the economy.
By making BVN registration easier, Nigeria is making its banking system stronger, more secure, and open to all its citizens — no matter where they live.
