Nigeria to make $1bn monthly with remote BVN platform – Converseer

ABUJA (CONVERSEER) – The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Interbank Settlement System (NIBSS), has unveiled a new digital platform that allows Nigerians living abroad to obtain their Bank Verification Number (BVN) remotely.

The move is aimed at enhancing financial inclusion and increasing diaspora remittances to an ambitious target of $1 billion per month.

The Non-Resident Bank Verification Number (NRBVN) platform, launched in Abuja on Tuesday, will remove the long-standing challenge of physical verification for Nigerians in the diaspora, making it easier for them to access banking services back home.

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CBN Governor Olayemi Cardoso described the launch as a major milestone in improving financial access for Nigerians abroad and address the difficulties in accessing financial services due to verification constraints.

The apex bank governor also noted that remittances have already increased significantly, rising from $3.3 billion in 2023 to $4.73 billion in 2024. He linked the growth to recent policy reforms, including the liberalisation of the foreign exchange market based on the principle of a willing buyer and a willing seller.

The platform uses secure digital verification and strong Know Your Customer (KYC) protocols to allow non-residents to safely open and manage bank accounts in Nigeria.