The Central Bank of Nigeria (CBN) is set to introduce the Non-Resident Bank Verification Number (NRBVN) for Nigerians in the diaspora. The apex bank disclosed this on its Twitter handle which will be launched in December 2024.
NRBVN enables Nigerians living abroad to complete the know-your-customer (KYC) process remotely, aiming to simplify access to banking services while adhering to world-class AML best practices.
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The CBN has taken an important step in engaging Nigerians abroad through high-level roundtables during the 2024 IMF and World Bank Annual Meetings.
The roundtable focused on strengthening relationships with the diaspora to promote economic development and financial inclusion through remittances and investments.
It convened policy makers, business leaders and thought leaders from the diaspora, Nigeria’s financial sector, international remittance providers, investors and others.
Also read: CBN strengthens diaspora ties to increase remittances to Nigeria
During the discussion, the CBN emphasized its goal to transform remittance inflows from short-term consumption to sustainable long-term investments in sectors such as infrastructure, power, healthcare and agriculture.
