CBN Launches NRBVN to Streamline BVN Enrollment for Non-resident Nigerians

Nigeria’s Central Bank, known as the CBN, launches a new service called the Non-Resident Bank Verification Number, or NRBVN. This new system is designed to help non-resident Nigerians get their Bank Verification Number (BVN) without having to travel back home. This is great news because before now, Nigerians abroad had to be physically present in Nigeria to register for a BVN, which was often difficult and expensive.

The BVN is an important number that helps banks identify their customers. It makes banking safer and helps stop fraud. But for many Nigerians living abroad, getting a BVN was a big challenge. Now, with the CBN launching NRBVN, they can easily register for their BVN online from anywhere in the world. This means they can open bank accounts, send money, and use other financial services without the usual hassle.

Mr. Olayemi Cardoso, the Governor of the CBN, said this new platform is a big step forward for Nigeria. He explained that the NRBVN will make it easier for Nigerians living outside the country to access banking services. It will also help bring more Nigerians into the financial system, making it more inclusive and modern. He said the platform is not just about banking but about connecting Nigerians everywhere and helping the country grow.

The CBN is also hoping that the NRBVN will encourage more Nigerians abroad to send money home through official channels. They want to reach $1 billion in monthly remittances, which is a lot of money that can help Nigeria’s economy. In recent years, remittances have been growing, and the CBN believes this new platform will help that growth continue.

Besides just getting a BVN, the NRBVN platform lets Nigerians abroad open special bank accounts in foreign currencies like US dollars, British pounds, and euros. This gives them more options for saving money, investing, and sending funds home. The system is safe and uses strong security checks to make sure everything is done properly.

To sign up for the NRBVN, Nigerians living abroad need to provide some documents like a valid ID (such as a passport), proof of where they live, and proof of their job. They will also have to do a simple online check to prove their identity. The process is designed to be easy but very secure.

Mr. Premier Oiwoh, the head of the Nigeria Inter-Bank Settlement System (NIBSS), said the NRBVN platform follows international rules to keep users safe and prevent money crimes. Another CBN official, Mr. Muhammad Abdullahi, said the platform will help build stronger connections between Nigeria and its citizens living around the world, which will support the country’s growth.

The CBN launches NRBVN to make it easier for non-resident Nigerians to get their BVN and use banking services without coming back to Nigeria. This new platform will help many people save time and money, while also helping Nigeria’s economy by encouraging more money to come into the country. It’s an exciting step for Nigeria and its people everywhere.

Was this information useful? Drop a nice comment below. You can also check out other useful contents by following us on X/Twitter @siliconafritech, Instagram @Siliconafricatech, or Facebook @SiliconAfrica.