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 made this known by its Twitter handle which will be launched in December, 2024.
The NRBVN will enable Nigerians living abroad to complete Know Your Customer (KYC) processes remotely, aiming to simplify access to banking services while adhering to the highest global AML best practices.
Read also: CBN seeks donor agencies’ support for evidence-based monetary policies
The CBN took a significant step in engaging Nigerians abroad through a high-level roundtable during the 2024 IMF and World Bank Annual Meetings.
The roundtable focused on strengthening ties with the diaspora to drive economic development and financial inclusion through remittances and investments.
It convened policymakers, business and thought leaders from the diaspora, Nigeria’s financial sector, International Money Transfer Operators, investors and others.
Read also: CBN strengthens diaspora ties to boost Nigeria’s remittances
During the discussions, the CBN emphasized its goal of transforming remittances inflows from short-term consumption to sustainable, long-term investments in sectors like infrastructure, power, healthcare, agriculture, etc.
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