Financial Inclusion: CBN launches Non-Resident BVN Framework, targets $1bn in remittances

May 14, 2025

The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has formally launched the Non-Resident BVN (NRBVN), a secure digital gateway to banking for Nigerians abroad.

According to the CBN Governor, Yemi Cardoso firmly stated that the launch of the NRBVN platform is a major milestone in Nigeria’s financial inclusion drive and reflects a commitment to innovation, inclusive growth, and economic integration.

He said through digital verification and robust Know Your Customer (KYC) processes, Nigerians across the globe can now remotely obtain their BVN swiftly and securely.

The NRBVN he explained, offers a single digital gateway that enables Nigerians abroad to open accounts, send funds securely, and access banking services with greater convenience and lower costs.

“The CBN’s target of $1 billion in monthly remittances. He has emphasised the need for all stakeholders to comply with the FX Code and regulatory guidelines to preserve market stability and trust.

He explained that the NRBVN is a dynamic, evolving platform, a bridge connecting Nigeria with its global citizens and reaffirms the Bank’s commitment to lowering remittance costs and expanding financial inclusion for all Nigerians.

The Apex bank however urged Nigerian banks to develop tailored products for the Diaspora, stating that such innovation will deepen inclusion and significantly boost remittance flows through formal channels.