CBN launches NRBVN to streamline BVN enrollment for non-resident Nigerians; See how to apply here

Nigeria’s Apex Bank, the Central Bank of Nigeria (CBN), has unveiled the Non-Resident Bank Verification Number (NRBVN) platform, which aims to improve financial access for Nigerians in the diaspora. The initiative, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), is a pivotal step in improving financial inclusion. It aims to harness the economic potential of non-resident Nigerians with a target of $1 billion in monthly remittances.

In an announcement made on Tuesday, the CBN Governor, Mr. Olayemi Cardoso, tagged the platform as a significant milestone in Nigeria’s journey towards financial inclusion, noting that the NRBVN platform would alleviate several challenges faced by Nigerians in the diaspora who had to be physically present in Nigeria for BVN registration. The platform enables Nigerians abroad to obtain their Bank Verification Number remotely, removing the need for physical presence in Nigeria.

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

Cardoso added that the NRBVN is not just a solution for financial access, but a step towards a more inclusive, innovative, and prosperous financial ecosystem. While the initiative removes existing difficulties and allows Nigerians worldwide to access financial services more easily and affordably, applicants would face a robust Know Your Customer (KYC) process and secure digital verification.

“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally. This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity,” he noted.

With the launch of the NRBVN platform, the CBN is targeting $1bn in monthly remittance flows, which would be a top reach compared to the $3.3bn in 2023 and $4.73bn in 2024. While remittance flows have shown an increase in the past two years, the CBN attributed this to recent reforms such as the introduction of the willing buyer, willing seller FX regime.

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

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At the platform’s unveiling, the Managing Director/CEO of NIBSS, Mr Premier Oiwoh, detailed the technical and operational aspects of the NRBVN platform. He explained that the platform adheres to global standards by incorporating stringent Anti-Money Laundering and KYC compliance protocols to ensure transparency and security.

Also, the Deputy Governor, Economic Policy, CBN, Mr Muhammad Abdullahi, described the NRBVN as a transformative tool for enhancing the banking experience for Nigeria’s diaspora and urged stakeholders to collaborate in refining the platform to meet the evolving needs of the diaspora community. He stressed that the initiative would strengthen economic ties between Nigeria and its global citizens, driving sustainable economic growth.

“Together, we stand at the threshold of a new era, poised to deepen the trust, enhance remittance growth, and forge a stronger, more meaningful connection between Nigeria and its global citizens,” Abdullahi said.

Recall that the BVN, introduced in February 2024, is a unique 11-digit identifier assigned to each Nigerian bank customer. It’s a crucial part of the Nigerian banking system, providing a standardised and secure way to identify individuals across different banks. The BVN is used for verifying customer identity at various points, including transactions and account opening. It enhances security by reducing the risk of fraud and identity theft. 

The NRBVN platform 

The NRBVN platform is part of a broader framework that includes the Non-Resident Ordinary Account and Non-Resident Nigerian Investment Account, which provide Nigerians in the diaspora with access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets. Under current regulations, diasporans will have the flexibility to repatriate the proceeds of their investments.

The NRBVN seeks to bring a seamless process for non-resident Nigerians to easily access registration, functionalities, and other benefits attributed to a BNV holder. With strong security measures and compliance with global regulations, NRBVN simplifies access to financial services for non-residents.

What the NRBVN does

The NRBVN allows Nigerians in the diaspora to:

• Easily enrol for a BVN from anywhere in the world without visiting a physical bank.
• Open domiciliary accounts in USD, GBP, and EUR, offering flexibility for investments and remittances.
• Advanced biometric verification and strict adherence to global KYC and AML regulations ensure secure transactions.
• Enjoy a stress-free account opening and fund transfers with streamlined processes and real-time support.

How to Register

Applicants can register via the NRBVN platform by submitting their ID, biodata information, and KYC documents (e.g., utility bills, bank statements, etc.). They will undergo a liveness check for verification.

The following documents are needed for registration 

• A valid ID document (such as a passport or national ID card).
• Proof of residency status (utility bills, lease agreements, or government-issued residency documents).
• Work ID or employment confirmation letter (for verification of occupation).
• Reference letter from a recognised financial institution (where applicable).
• Proof of income or tax return documents (optional for additional verification).

The system will also conduct a thorough KYC and Anti-Money Laundering (AML) check during registration. The process includes customer identification using documents (e.g., passports, ID cards, utility bills), Customer Due Diligence (CDD) to verify the source of funds and business activities, address verification, and Enhanced Due Diligence (EDD) for high-risk customers or PEPs. 

It also involves ongoing monitoring of transactions for suspicious activities and automated sanctions screening checks against lists like OFAC and UN in real-time, with false-positive management. For global AML compliance, NRBVN also partners with international bodies.