The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has officially launched the Non-Resident Bank Verification Number (NRBVN) platform. This initiative aims to streamline financial services for Nigerians living abroad and is projected to facilitate up to $12 billion in annual remittances.
According to a report by THISDAYLIVE, the NRBVN allows Nigerians in the diaspora to obtain a BVN remotely, eliminating the need for physical presence in Nigeria. CBN Governor Olayemi Cardoso emphasized that this digital gateway is a significant step toward financial inclusion, enabling Nigerians worldwide to access financial services more easily and affordably.
The NRBVN platform is expected to reduce the high cost of remittances in Sub-Saharan Africa, which currently averages over seven percent. By lowering these costs, the CBN aims to enhance the safety and appeal of formal channels, thereby increasing remittance flows through official means. Remittance flows through formal channels have already increased from $3.3 billion in 2023 to $4.73 billion in 2024, attributed to recent reforms and policy shifts.
Cardoso stated, "We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally. This platform is not just about financial access; it's about national inclusion, innovation, and shared prosperity."
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