Since its launch was first announced in Washington D.C. last year by the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, the Non-Resident Bank Verification Number (NRBVN) initiative has continued to gain traction among Nigerians in the diaspora.
According to the Managing Director/Chief Executive Officer of the Nigeria Inter-Bank Settlement System (NIBSS), Mr. Premier Oiwoh, a total of 357 Nigerians from seven countries have already applied for the NRBVN, with 42 applicants currently awaiting verification.
Mr. Oiwoh disclosed this during the official launch of the NRBVN platform held on Tuesday in Abuja.
“Since the Governor [of CBN, Olayemi Cardoso] talked about it in Washington last year, 357 Nigerians from seven countries have already applied for NRBVN. About 42 are currently awaiting verification,” he said.
He added that the platform has already been integrated with 27 Nigerian banks, enabling Nigerians abroad to open domiciliary accounts remotely.
Through this innovation, users can now manage savings, process cross-border transfers, and access a wide range of financial services—all without having to physically visit a bank branch.
“Trust and convenience are key,” Oiwoh said. “We believe this system will build confidence among users and increase formal remittance volumes. Our goal is to bring more Nigerians into the fold and make remittances cheaper and more transparent.”
He emphasized that one of the strategic objectives of the NRBVN initiative is to reduce the high cost of sending money to Sub-Saharan Africa, which remains one of the most expensive remittance corridors globally.
The NIBSS boss noted that Nigerians in Guyana, Qatar, Finland, Hungary, UK, US, Canada, and Australia are currently enrolled on the platform.
In addition to the 27 Nigerian banks that have signed up on the platform, two International Money Transfer Operators (IMTOs).
Stakeholders, industry players laud initiative as strategic move for diaspora engagement
Speaking during a panel session, the Group Managing Director/Chief Executive Officer (GMD/CEO) of Zenith Bank, Dame Adaora Umeoji, OON, praised the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS) for what she described as a “brilliant” initiative.
She further commended the CBN for its ongoing efforts to stabilize the foreign exchange market and emphasized the strategic importance of the Non-Resident Bank Verification Number (NRBVN) initiative.
“This is a very strategic move, and it’s going to help over 17 million Nigerians in the diaspora open accounts in Nigeria and invest back home,” she stated.
Also speaking at the session, Hon. Abike Dabiri-Erewa, OON, Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), described the initiative as a game changer.
“This is a game changer for Nigerians in the diaspora. It’s something they are all excited about and looking forward to,” she said.
The Managing Director/CEO of Access Bank, Mr. Roosevelt Ogbonna, echoed similar sentiments, highlighting the platform’s potential to transform how Nigerians abroad interact with the country’s financial ecosystem.
Together, these leaders expressed confidence that the NRBVN will significantly enhance diaspora engagement, promote foreign inflows, and contribute to economic growth through increased investment and remittance transparency.
Why this matters
The NRBVN initiative is part of broader efforts to formalize diaspora remittances and integrate Nigerians abroad into the formal financial system.
With global remittances to Nigeria estimated to be over $20 billion annually, improving access and reducing costs can significantly impact foreign exchange liquidity, financial inclusion, and transparency.
By streamlining verification and account-opening processes, the platform aims to curb informal remittance channels, enhance data collection, and encourage trust in the Nigerian financial ecosystem among the diaspora community.
What you should know
- NRBVN is a specialized digital identity initiative tailored for Nigerians living outside the country.
- It facilitates easier access to Nigerian banking services from abroad, including the ability to open and operate domiciliary accounts online.
- The platform is part of NIBSS’s broader mandate to support financial infrastructure and improve payment systems in Nigeria.
