The Central Bank of Nigeria (CBN) has launched the Non-Resident Bank Verification Number (NRBVN), a move that eliminates major obstacles Nigerians abroad previously faced in accessing financial services.
At the launch in Abuja, CBN Governor Olayemi Cardoso said the initiative would cut costs and ease access for millions of Nigerians in the diaspora. With the NRBVN, account opening, transactions, and investments can now be carried out digitally without the need for physical presence in Nigeria.
The scheme also addresses challenges such as limited access to banks, high remittance fees, and lack of tailored banking products. Diaspora Nigerians will now benefit from secure remittance channels, investment opportunities through Non-Resident Investment Accounts, and specialized financial products designed for their needs.
Cardoso noted that the framework draws lessons from successful models in India and Pakistan, while creating new channels for diaspora contributions to Nigeria’s economic growth.
He described the NRBVN as the start of a broader journey to ensure that Nigerians abroad remain financially connected and empowered to support national development.
