Financial Inclusion Drive Gains Momentum with New Initiatives

Nigeria’s financial inclusion landscape is witnessing a renewed surge, with the Central Bank of Nigeria (CBN) intensifying efforts to bring millions of Nigerians, including those in the diaspora, into the formal financial ecosystem. The latest initiative, the Non-Resident Biometric Verification Number (NRBVN) platform, aims to bridge the longstanding gap faced by Nigerians abroad in accessing banking services, while boosting the country’s economic growth through increased diaspora engagement.

According to recent reports from Enhancing Financial Innovation and Access (EFInA), financial inclusion in Nigeria has grown from 56% in 2020 to 64% in 2023. This progress is primarily driven by non-traditional banking channels, especially fintech firms that have revolutionized access to financial services in both urban and rural areas.

Despite these gains, Nigerians living abroad—key contributors to the country’s foreign exchange through remittances—have often been left on the periphery of inclusion efforts. Addressing this gap has become a priority for the CBN.


In 2024, Nigeria’s diaspora remittance inflows surged to a record $20.98 billion, marking a 9% increase over the previous year. Personal remittances alone accounted for $20.93 billion, highlighting the diaspora’s crucial role in Nigeria’s economic stability.

Recognizing this, the CBN, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), launched the NRBVN platform in Abuja. This innovative system allows Nigerians abroad to obtain their biometric verification numbers remotely, enabling easy access to banking services such as account opening and fund transfers without the need for physical presence.


CBN Governor Dr. Olayemi Cardoso emphasized that the NRBVN platform is designed to overcome barriers that have historically limited financial service access for diasporan Nigerians. “The NRBVN eliminates mandatory physical verification, saving time and cost, especially for those in remote locations. It provides a secure, efficient digital gateway to Nigerian banks, ensuring convenience and trust for our global citizens,” she explained.

Drawing from successful models in Asia, such as India’s Non-Resident External (NRE) accounts and Pakistan’s Roshan Digital Account, the CBN’s approach combines innovation with proven strategies to enhance diaspora financial engagement. Indian banks currently hold approximately $160 billion in diaspora deposits, a testament to the power of tailored financial products for non-resident nationals.


The NRBVN initiative is part of a broader framework that includes the Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account. These accounts offer diasporans access to investment opportunities in Nigeria’s debt and equities markets, alongside mortgages, insurance, and pension products.

Importantly, these accounts allow full repatriation of investment proceeds in compliance with regulations, providing flexibility and confidence to investors abroad.


Governor Cardoso called on Nigerian banks to develop financial products tailored to diaspora needs. “Innovative and appealing solutions will strengthen diaspora engagement, expand inclusion, and increase remittance inflows,” she said.

The CBN has also revamped policies to support remittance flows through official channels. For instance, licensing more International Money Transfer Operators (IMTOs) and implementing a willing buyer, willing seller foreign exchange regime have helped remittances rise from $3.3 billion in 2023 to $4.73 billion in the last year.

Cardoso urged IMTOs to integrate with the NRBVN platform, fostering a secure and inclusive financial ecosystem that facilitates national development contributions by Nigerians worldwide.


The CBN remains committed to reducing the cost of remittances, which currently average over 7% in Sub-Saharan Africa. Lower costs will encourage the use of formal channels, enhancing the positive impact of diaspora funds on Nigerian households and the broader economy.


Nigeria’s journey toward financial inclusion began over a decade ago, with the launch of the National Financial Inclusion Strategy in 2012 aimed at slashing the financial exclusion rate from 53% in 2008 to 20% by 2020. Key targets included expanding access to payments, savings, credit, insurance, and pensions, alongside increasing the availability of service delivery channels like bank branches, ATMs, and mobile agents.

EFInA underscores that an inclusive financial sector depends on diverse service providers, healthy competition, and robust legal frameworks, all essential for sustainable growth and poverty alleviation.


Nigeria’s informal economy, valued at $240 billion, represents a largely untapped resource. Increasing financial inclusion in this sector could unleash significant economic benefits by converting informal financial activities into productive formal transactions.


Mohamed Touhami el Ouazzani, Regional Vice President for Africa at Western Union, highlights the transformative power of diaspora remittances, noting that $90 billion flowed into Africa in 2023 alone. These funds not only support families but also drive infrastructure development, entrepreneurship, and financial inclusion—key pillars for long-term growth.


With initiatives like NRBVN and enhanced remittance policies, Nigeria is poised to deepen its financial inclusion, especially among its diaspora population. The CBN’s vision is clear: to foster an inclusive, innovative, and integrated financial system that harnesses the power of every Nigerian, wherever they may be.