The Central Bank of Nigeria (CBN) has recorded significant progress in expanding financial access following the launch of its Non-Resident Biometric Verification Number (NRBVN) policy, aimed at integrating Nigerians in the diaspora into the domestic banking system.
Latest data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that the number of bank accounts linked to BVN rose from 63.5 million in December 2024 to 66.2 million by July 2025 — an increase of 2.7 million in just seven months.
Introduced in 2014, the BVN scheme assigns a unique identity to each bank customer, enhancing payment security and protecting depositors’ funds. The NRBVN extension now allows non-resident Nigerians to register remotely, strengthening ties with the diaspora and improving remittance inflows.
CBN Governor Olayemi Cardoso described the initiative as a “bridge between Nigeria and its global citizens,” noting that it will evolve to meet user needs while supporting the bank’s goal of achieving $1 billion in monthly remittances.
Official remittance flows through International Money Transfer Operators (IMTOs) jumped from $3.3 billion in 2023 to $4.76 billion in 2024 — a 44.5% increase — aided by reforms such as additional IMTO licensing, currency market convergence, and the “willing buyer, willing seller” regime.
Cardoso stressed the need for stakeholder collaboration, compliance with FX regulations, and lower remittance costs to sustain the momentum.
Industry experts, including the Association of Bureaux De Change Operators of Nigeria, highlight remittances as a vital economic lifeline, often surpassing foreign direct investment and aid inflows. They fuel household welfare, infrastructure development, entrepreneurship, and financial inclusion, with Africa receiving $90 billion from its diaspora in 2023 alone.
By extending BVN access to non-residents, the CBN aims to deepen diaspora engagement, enhance dollar liquidity, and strengthen Nigeria’s position in the global financial ecosystem.
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