📢 Nigeria 🇳🇬: A New Digital Platform from the Central Bank Will Allow Nigerians to Manage Funds from Abroad

📢 Nigeria 🇳🇬: A New Digital Platform from the Central Bank Will Allow Nigerians to Manage Funds from Abroad

The service, called the Non-Resident Bank Verification Number (NRBVN), targets members of the Nigerian diaspora living abroad.

➡️ Concept: no physical presence is required. Nigerians living overseas can now save, invest, purchase insurance, and receive pensions remotely—they simply need to obtain a Bank Verification Number (BVN). This BVN enables the opening of Non-Resident Ordinary Accounts (NROA) and Non-Resident Nigerian Investment Accounts (NRNIA).

➡️ A key factor behind the launch was the support of the Nigerian Interbank Settlement System (NIBSS).

➡️ With the NRBVN, the Central Bank of Nigeria aims to reduce the average cost of money transfers in sub-Saharan Africa, which currently sits at 7%, a figure considered high by many. The new service is expected to boost cross-border remittance flows to $1 billion per month.

🔔 The Central Bank is calling on banks, fintechs, and remittance operators to integrate the NRBVN into broader financial services, including capital markets.

#news #Africa

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