Speaking at the launch event in Abuja on Tuesday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, hailed the platform as a pivotal milestone in the nation's ongoing journey towards greater financial inclusion. He emphasized that the NRBVN directly addresses the persistent challenges faced by Nigerians in the diaspora who previously had to undertake costly and time-consuming travel back to Nigeria solely for BVN registration.
"For too long, many Nigerians abroad have encountered significant hurdles in accessing financial services in their home country due to the necessity of physical verification," Governor Cardoso stated. "The NRBVN fundamentally changes this. Through the implementation of secure digital verification methods and robust Know Your Customer (KYC) processes, Nigerians across the globe will now be empowered to access a wider range of financial services with greater ease and affordability."
The CBN Governor further articulated that the NRBVN transcends the mere provision of financial access, representing a substantial stride towards building a more inclusive, innovative, and ultimately more prosperous financial ecosystem for all Nigerians. "Our vision is to cultivate a secure, efficient, and inclusive financial ecosystem that serves Nigerians both at home and abroad," he affirmed. "This platform is not solely about facilitating financial access; it embodies our commitment to national inclusion, fostering innovation, and promoting shared prosperity."
Governor Cardoso also highlighted the positive trajectory of remittance inflows into Nigeria, which have seen a notable increase from $3.3 billion in 2023 to $4.73 billion in 2024. He attributed this growth to recent policy reforms, most notably the introduction of the willing buyer, willing seller foreign exchange regime. Building on this momentum, the CBN has set an ambitious target of achieving $1 billion in monthly remittances with the introduction of the NRBVN.
"With the launch of the NRBVN, coupled with complementary policy measures, we are optimistic about reaching our ambitious goal of $1 billion in monthly remittance flows," Governor Cardoso asserted. "We firmly believe that this target is entirely attainable, given the increasing levels of trust and convenience now offered through formal remittance channels."
The launch event also included a detailed presentation by the Managing Director/CEO of NIBSS, Premier Oiwoh, who elucidated the technical and operational intricacies of the NRBVN platform. Mr. Oiwoh underscored the platform's adherence to stringent global standards, incorporating robust Anti-Money Laundering (AML) and KYC compliance protocols to ensure utmost transparency and security for users.
The Deputy Governor, Economic Policy, CBN, Mr. Muhammad Abdullahi, also addressed the attendees, characterizing the NRBVN as a transformative instrument poised to significantly enhance the banking experience for Nigeria's diaspora community. He urged all stakeholders to actively collaborate in the ongoing refinement of the platform to effectively meet the evolving needs of Nigerians living abroad.
Mr. Abdullahi further emphasized the initiative's potential to strengthen the crucial economic ties between Nigeria and its global citizenry, ultimately serving as a catalyst for sustainable economic growth. "Together, we stand at the threshold of a new era, one that promises to deepen trust, accelerate remittance growth, and cultivate a stronger, more meaningful connection between Nigeria and its global citizens," he concluded.
The NRBVN platform is an integral component of a broader framework that also encompasses the Non-Resident Ordinary Account and the Non-Resident Nigerian Investment Account. These interconnected initiatives aim to provide Nigerians in the diaspora with comprehensive access to a range of financial services, including savings, mortgages, insurance, pensions, and diverse investment opportunities within Nigeria's capital markets.
Furthermore, current regulations ensure that diasporans retain the flexibility to repatriate the proceeds generated from their investments. The launch of the NRBVN platform signifies a critical step forward in the CBN's ongoing commitment to fostering greater financial inclusion and effectively harnessing the significant economic potential of Nigeria's diaspora population.