The Central Bank of Nigeria (CBN) has introduced a new online service to make it easier for Nigerians living abroad to send money back home.
This platform, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), allows Nigerians in the diaspora to get a Bank Verification Number (BVN) without being physically present in Nigeria.
This initiative, the Non-Resident Bank Verification Number (NRBVN), was announced on Tuesday and aims to boost the amount of money sent home by Nigerians abroad to $1 billion each month. During the launch event, CBN governor Olayemi Cardoso called it a key step in connecting Nigerians worldwide with financial services at home.
Cardoso explained that this platform could help lower the high costs of sending money to Nigeria, which are among the highest in Africa. By making it cheaper and safer to send money through official channels, the CBN hopes to ensure that these funds have a greater positive impact on families and the economy.
CBN governor Olayemi Cardoso
For many Nigerians living overseas, accessing financial services back home has been challenging due to the need for physical verification. The new service changes this by offering a secure, online verification process, making it easier for Nigerians worldwide to manage their finances in Nigeria.
Beyond just sending money, this platform is part of a larger plan that includes other financial services like savings and investment opportunities, all designed to help Nigerians abroad stay financially connected to their home country.
