Another first for Cardoso as CBN launches platform for diaspora Nigerians

Another first for Cardoso as CBN launches platform for diaspora Nigerians

By Dr. Ibrahim Modibbo

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has recorded another first and added a new feather to his cap of honours, following the coming on stream of a scheme to grant financial access to Nigerians in the diaspora.

Known as the Non-Resident Bank Verification Number (NRBVN) platform, the scheme introduced by the apex bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) is an innovative digital gateway that will allow Nigerians in the diaspora to obtain a BVN remotely without their physical presence in the country.

Speaking at the event held in Abuja on Tuesday, May 13, 2025, the CBN Governor, Mr. Olayemi Cardoso, described the initiative as a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to its global citizens. According to him, it’s unacceptable that for too long, many diaspora Nigerians have faced difficulties and hurdles in accessing financial services back in Nigeria due to physical verification requirements by banks.

With the coming on stream of the NRBVN, the narrative has changed. Going forward therefore, Nigerians worldwide should now be able to access financial services more easily and affordably through secure digital verification and robust know your customer processes.

The governor emphasised that the NRBVN platform is a dynamic one, declaring that it’s “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 to integrate and collaborate in shaping and refining the system as it evolves.

Beating his chest over the success the CBN has recorded following the introduction of reforms policies of the Tinubu administration, Cardoso disclosed that overseas remittance inflows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024, thanks to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime. With the NRBVN in place, he said the CBN is optimistic of reaching its $1 billion monthly remittance target.

“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” Cardoso said. “This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.” He reiterated 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 launch of the NRBVN platform also featured a presentation by the Managing Director/Chief Executive Officer of NIBSS, Mr. Premier Oiwoh, after which a panel discussion with key industry stakeholders took place.

The takeaways from the panelists is that the NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA). Together, the three policies allow and empower diaspora Nigerians 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.

Importantly, the NRBVN system has been built with global standards in mind, incorporating stringent anti-money laundering and you’re your customer compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system.

The CBN assured that every NRBVN enrollment at https://nibss-plc.com.ng/nrbvn undergoes comprehensive verification checks to act as safeguard against illicit financial activity, bolstering international confidence in the platform and the broader financial ecosystem.

Dr. Ibrahim Modibbo, a current affairs analyst writes from Abuja.