Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that BVN enrolments surged by 2.7 million between December 2024 and July 2025, reaching 66.2 million.
ABUJA — The Central Bank of Nigeria (CBN) has announced significant progress with its Non-Resident Bank Verification Number (NRBVN) initiative, launched in May 2025 to strengthen financial inclusion and boost remittance inflows.
Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that BVN enrolments surged by 2.7 million between December 2024 and July 2025, reaching 66.2 million.
The initiative allows Nigerians abroad to obtain BVNs remotely, enabling them to access savings, pensions, mortgages, insurance, and investment opportunities without traveling home.
CBN Governor Olayemi Cardoso described the NRBVN as a “dynamic initiative” that forms the foundation of the bank’s broader digital transformation strategy. He said, “With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1bn in monthly remittance flows.”
The apex bank’s strategy comes amid a sharp rise in inflows from International Money Transfer Operators, which grew from $3.3bn in 2023 to $4.73bn in 2024.
Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, lauded the policy, noting, “The diaspora has proven to be a powerful resource. They are the number one ambassadors of our country.”
Experts say sustaining momentum will require collaboration between regulators, banks, fintechs, and diaspora communities to ensure trust, compliance, and cost-effective access to financial services.