By Ademola Bakare
The Central Bank of Nigeria {CBN} has launched Non-Resident Biometric Verification Number {NRBVN} in furtherance of its financial inclusion objectives. Since unveiling the programme in 2012 when it launched National Financial Inclusion Strategy {NFIS}, the bank has made significant progress its promotion, reducing financial exclusion in the country by 25% as of 2024 and achieving 95% in formal financial inclusion. Nigeria’s financial inclusion rate grew to 74% in 2023, up from 68% in 2020, with formal financial inclusion increasing to 64% from 56% in 2020. Contributory to this feat was the introduction of non-bank financial institutions, particularly, the fintechs.
Notching up on this objective, the bank recently stepped up its commitment towards enhancing financial inclusion, and boosting remittances in the country as it launched the Non-Resident Bank Verification Number {NRBVN} platform. The unveiling allows Nigerians living abroad to obtain a biometric verification number {BVN} remotely, opening up new vista for financial engagement and investment in the country.
The NRBVN window is a game changing initiative provided for Nigerians living abroad to have easy and unencumbered access to financial services. It also avails them with opportunities to invest in the country.
Nigerians in the diaspora can now obtain BVN remotely, thus eliminating the need for physical presence in Nigeria. A model fashioned after successful diaspora banking experiences in India and Pakistan, showing that, tailored, and accessible systems can drive both inclusion and economic inflows. The platform, according to the apex bank offers a wide range of banking services, including savings, mortgages, insurance, and pensions.
Also, as a pathway to a-$1 trillion economy, the CBN is positioning a strong financial institution with opportunities to invest in Nigeria’s capital markets, and participate in the country’s economic growth. It affords the diasporas to send remittances to family and friends in Nigeria, thereby contributing to the country’s economic development.
The CBN said it “aims to increase remittance inflows, targeting $1 billion in monthly remittances, and reduce the high cost of remittances in Sub-Saharan Africa”.
An innovative digital gateway in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the CBN governor, Olayemi Cardoso, while launching the programme in Abuja described the initiative as a milestone in Nigeria’s financial inclusion journey, and a critical bridge connecting the country to its global citizens.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements. The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably.”
The Governor emphasised that the NRBVN is a dynamic platform, “not the final destination, but the beginning of a broader journey.”
He encouraged stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs), to integrate and collaborate without the CBN in shaping and refining the system as it evolves. He revealed that remittances through formal channels in 2023 increased from $3.3 billion to $4.73 billion in 2024, a testament to recent reforms and policy shifts. Part of the reform was the introduction of the willing buyer, willing seller FX regime.
“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,”
Speaking further on the initiative, the CBN governor said. “This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity”. He restated the apex bank’s commitment to reducing the high cost of remittances in Sub-Saharan Africa, and ensuring continued engagement with stakeholders to optimise the platform.
The NRBVN he affirmed is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA). Together, the governor said, they enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets. Under current regulations, Nigerians in the Diaspora will retain the flexibility to repatriate the proceeds of their investments.
Cardoso assured Nigerians that the NRBVN system is built with global standards, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system.
As a foremost central bank in the continent, committed to strict orthodox central banking, the CBN will leverage technology to reach Nigerians worldwide. The NRBVN initiative is significantly important to achieving this goal, promote economic integration, and national development.
A significant milestone in Nigeria’s financial inclusion journey, expected to impact on financial inclusion, and economic growth in Nigeria. With the establishment of this platform for Nigerians living abroad, an obtrusive, seamless access to financial services, and opportunities to invest at home is assured.
Ademola Bakare, public Analyst, writes from Abuja.
