CBN clarifies NRBVN platform for Nigerians abroad, urges uptake for financial inclusion

Summary

• NRBVN enables Nigerians in diaspora to access banking services remotely, without needing to travel home
• CBN debunks false claims of ₦80,000 enrolment fee, affirms actual $50 processing charge for NRBVN
• Platform supports diaspora savings, pensions, investments, and aims to grow remittances significantly

Abuja, Nigeria – The Central Bank of Nigeria (CBN) has reaffirmed its commitment to promoting financial inclusion for Nigerians in the diaspora through its Non-Resident Bank Verification Number (NRBVN) platform. Addressing growing misconceptions, the CBN clarified that the NRBVN was designed to enable secure, remote access to Nigerian banking services for citizens abroad, without requiring them to return home.

Developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN facilitates remote Bank Verification Number (BVN) registration, allowing Nigerians overseas to open accounts, transfer funds, apply for mortgages, and invest from anywhere in the world.

The system aligns with global digital identity standards and is key to achieving the central bank’s target of $1 billion in monthly diaspora remittances, up from $3.3 billion in 2023 to a projected $4.73 billion in 2024.

Dispelling widespread rumours about exorbitant enrolment charges, the CBN, through its Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, explained that BVN registration remains free within Nigeria. However, a $50 processing fee for the NRBVN covers remote biometric capture and verification infrastructure costs, significantly reduced from the earlier $200 rate. The CBN denounced claims of an ₦80,000 charge as completely false and misleading.

The NRBVN initiative works in tandem with products such as the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA), offering diaspora Nigerians regulated access to savings, pension schemes, and investment opportunities. The platform uses stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols to ensure safety and compliance.

Banks, including Access Bank, have partnered with the CBN to support NRBVN registration centres in key diaspora locations such as the UK, the United States, and the Middle East while offering tailored financial products to Nigerian communities. The CBN has encouraged further collaboration with banks and fintech companies to expand access and improve user experience.

This renewed push for financial inclusion via the NRBVN platform comes at a critical time when diaspora remittances are proving vital to Nigeria’s economic stability. After a slight dip in 2023—when remittance inflows dropped to $19.5 billion from $20 billion in 2022—2024 saw a marked rebound. The Central Bank reported a 63.7% increase in remittances through formal channels, with as much as $585.21 million received in August 2024 alone.

This surge has been linked to policy reforms under CBN Governor Olayemi Cardoso, including the removal of exchange rate caps for International Money Transfer Operators (IMTOs), enhanced licensing conditions, and the launch of a dedicated remittance task force.

More than just financial lifelines for individual households, these inflows have become a strategic pillar of Nigeria’s macroeconomic resilience. Diaspora remittances now contribute around 6% of GDP, supporting everything from education and healthcare to small-scale energy solutions.

As global trends shift towards more digitally-driven financial ecosystems, the NRBVN platform, by reducing the cost and complexity of cross-border banking, positions itself as a crucial tool in Nigeria’s effort to harness the full potential of its growing diaspora.

With over five million Nigerians residing in countries like the UK and the US, and strong projections for remittance growth into 2025, the central bank’s strategy to formalise and expand diaspora financial engagement appears not only timely but essential.

The NRBVN, inspired by successful diaspora engagement frameworks in countries like India and Pakistan, still faces hurdles such as low awareness and cybersecurity concerns, but the CBN remains committed to dispelling misinformation and scaling the platform through trusted official channels.

Nigerians abroad are advised to visit the CBN or NIBSS websites, or accessbankplc.com/diaspora-community, for accurate information and guidance on how to enrol.