CBN & NIBSS Launch Remote BVN Platform: Boost Diaspora Remittances

In a groundbreaking move to strengthen Nigeria’s financial ecosystem and drive inclusive innovation, the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS) have launched a remote enrollment platform for the Bank Verification Number (BVN). This strategic initiative aims to simplify the onboarding process for Nigerians in the diaspora, targeting an estimated $4 billion in monthly remittance flows.

The newly introduced remote BVN platform allows Nigerians living abroad to seamlessly register for a BVN without visiting a Nigerian bank branch. This is a game-changer for the Nigerian diaspora, who have long faced challenges accessing financial services due to regulatory identification requirements.

With over 20 million Nigerians living outside the country and sending billions in remittances yearly, the fintech ecosystem is poised for accelerated growth. The remote BVN platform eliminates one of the key barriers to entry by enabling financial inclusion through technology. By improving identity verification and KYC compliance, the system also supports the expansion of digital banking, mobile money, and cross-border payment solutions.

This innovation aligns with CBN’s broader goals for financial inclusion and the digital transformation of Nigeria’s payment infrastructure. It supports fintech startups and digital banks that rely on verified digital identities to scale operations, build customer trust, and develop tailored financial products for underserved communities.

This is an open call to innovate for fintech founders, developers, and investors. From diaspora banking to cross-border payments, the opportunities are massive. The future of financial services in Africa is digital, inclusive, and borderless—initiatives like the remote BVN platform are paving the way.