CBN Launches New BVN System for Nigerians Abroad: Here’s Everything You Need to Know

The Central Bank of Nigeria (CBN), working with the Nigeria Inter-Bank Settlement System (NIBSS), has just launched something new and exciting — it’s called the Non-Resident BVN (NRBVN). It’s a digital service that helps Nigerians who live outside the country get a Bank Verification Number (BVN) quickly and safely, no matter where they are in the world.

If you’re Nigerian and living in the UK, US, Canada, Dubai, or anywhere else — this is big news for you.

What is a BVN and Why Is It Important?

The BVN is like a special ID number for banking. Without it, you can’t open or use a bank account in Nigeria. It helps protect your money and identity and stops fraud.

Before now, if you were abroad, you had to travel all the way back to Nigeria or visit a few special bank branches overseas to get your BVN. That was hard, slow, and expensive.

Now, with the NRBVN, you can register completely online using your phone or computer. It’s fast, secure, and verified through a process called digital KYC (Know Your Customer).

What the CBN Governor Said

CBN Governor Yemi Cardoso called this new service a “major milestone” for Nigeria’s banking system. He said:

“The NRBVN is a digital bridge connecting Nigeria to its people around the world.”

He explained that the new platform will make it easier for people living abroad to:

• Open bank accounts in Nigeria from anywhere
• Send money to family and friends quickly and safely
• Use other banking services without extra costs or delays

Why This Matters for Nigeria

Governor Cardoso also said the CBN wants to increase official money transfers (remittances) to Nigeria. The goal is to hit $1 billion every month.

Why is that important? Because the money Nigerians send home helps families, pays school fees, supports small businesses, and keeps the economy moving. But when people use informal or unapproved methods to send money, the country loses track of that money — and it can lead to fraud and currency problems.

With the NRBVN, people abroad can use official channels, which are safer and better for the country.

What’s Next for Banks?

The CBN is now asking Nigerian banks to create special products and services just for people living abroad. That could include:

• Diaspora savings accounts
• Investment platforms for overseas Nigerians
• Lower transfer fees
• Customer support in different time zones

This could mean better, more customized services for Nigerians living overseas — something that’s been missing for a long time.

How to Get Started with NRBVN

Here’s how Nigerians abroad can benefit:

1. Visit a participating Nigerian bank’s website.
2. Look for the NRBVN registration portal.
3. Use your valid ID (like an international passport) and follow the on-screen steps.
4. Verify your identity digitally — no need to visit a branch.
5. Once approved, you’ll get your BVN number via email or text.

After that, you can open a bank account in Nigeria, start sending money, and use digital banking services like mobile apps and transfers.