In a significant step to bolster Nigeria’s financial ecosystem and deepen diaspora engagement, the Central Bank of Nigeria (CBN) has recorded a surge of 2.7 million new Bank Verification Number (BVN) registrations following the launch of the Non-Resident BVN (NRBVN) initiative in May 2025.
The initiative, aimed at simplifying access to financial services for Nigerians living abroad, is a cornerstone of the apex bank’s broader efforts to improve financial inclusion and stabilise the foreign exchange market. Launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN scheme enables Nigerians in the diaspora to remotely register and access banking services without the need for physical presence in Nigeria.
As of July 2025, total BVN-linked accounts had risen to 66.2 million, up from 63.5 million in December 2024, according to NIBSS data. The exponential growth highlights the strong uptake of the NRBVN among diaspora Nigerians and signals the success of the initiative in expanding the country’s financial net.
Governor of the CBN, Olayemi Cardoso, described the NRBVN as a pivotal step in enhancing diaspora participation and improving remittance inflows, which are crucial to Nigeria’s foreign exchange stability. With an ambitious target of $1 billion in monthly diaspora remittances, the CBN views the NRBVN as more than a registration system—it’s a transformational platform for financial empowerment.
“This initiative allows millions of Nigerians overseas to open accounts, invest, and repatriate funds seamlessly, under a secure and regulated framework,” Cardoso said. “It’s about building trust and creating a gateway for diaspora citizens to contribute directly to the Nigerian economy.”
The NRBVN platform is integrated with robust Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, ensuring safe and compliant transactions. It complements other schemes like the Non-Resident Ordinary Account and the Non-Resident Nigerian Investment Account, giving diaspora Nigerians access to pensions, mortgages, savings, insurance, and stock market investment products.
CBN data reveals that formal remittance inflows through International Money Transfer Operators (IMTOs) grew from $3.3 billion in 2023 to $4.76 billion in 2024—a 44.5% increase, driven largely by regulatory reforms and incentives like the NRBVN. In July and August 2024 alone, inflows surpassed $1.1 billion, highlighting growing confidence in official remittance channels.
The CBN has also licensed more IMTOs and introduced flexible FX policies to encourage legal inflows. Cardoso noted that the NRBVN, in synergy with these policies, will further solidify the country’s FX liquidity.
Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, called the diaspora “Nigeria’s greatest soft power and economic engine,” noting that over 17 million Nigerians abroad contribute billions in annual remittances. “We’re only scratching the surface,” she said. “Our diaspora community is a powerful force in redefining Nigeria’s global narrative.”
Experts agree. Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria, emphasised that diaspora funds are critical for health, education, and infrastructure development. “In countries like India and Lebanon, diaspora remittances are central to national economic strategies. Nigeria is on the right path,” he said.
The CBN is now urging all IMTOs to integrate fully with the NRBVN platform to enhance service delivery and ensure unified financial identity across borders. The bank has also reaffirmed its commitment to reducing remittance costs—which currently average over 7% in Sub-Saharan Africa—to improve uptake and maximise impact.
“The NRBVN is not just a database; it’s a dynamic bridge between Nigeria and its global citizens,” Cardoso concluded. “Its success hinges on collaboration, trust, and a shared vision of inclusive prosperity.”
As Nigeria strengthens ties with its global diaspora, the NRBVN initiative stands as a transformative tool that could define the country’s digital and economic future. With continued regulatory clarity, secure platforms, and diaspora-focused innovation, the goal of financial inclusion for all Nigerians—home and abroad—is within reach.