How CBN is Expanding Financial Services, Enrollment with Non-Resident BVN

The Central Bank of Nigeria (CBN) recently took steps to expand financial services access with the launch of Non-Resident Biometric Verification Number (NRBVN) policy. Already, the Nigeria Inter-Bank Settlement System (NIBSS) data show that the number of Nigerian bank account owners linked to BVN rose by 2.7 million between December 2024 and July 2025 to 66.2 million. The surge in BVN enrollment is an indication that the policy is achieving its objective of getting more Nigerians into the domestic financial services net. Precious Ugwuzor reports 

The Bank Verification Number (BVN) project, which captures the uniqueness of every bank customer is one of the most-innovative projects introduced into the financial system by the Central Bank of Nigeria (CBN).

The BVN scheme gives each bank customer unique identification and has continued to revolutionalise the banking and payment systems while ensuring safety of depositors’ funds.

The project is now witnessing enrollment surge, as the Olayemi Cardoso-led CBN continues to take strategic steps to advance financial inclusion in the country.

The surge in BVN figures has also been attributed to the recent launch of Non-Resident Biometric Verification Number (NRBVN) in Abuja.

Following the unveiling of NRBVN in Abuja, the CBN boss Cardoso directed Nigerian banks to proactively develop and offer products specifically tailored to meet the unique needs and preferences of  the diaspora community. The NRBVN launch is seen as a major step to keep remittances inflow to the country soaring and dollar liquidity strong.

BVN enrolment continues surges

The NIBSS data has shown that the number of Nigerian bank account owners linked to BVN hit 66.2 million at the end of July, 2025.

The data showed significant surge from 64.8 million recorded in January 2025 and 63.5 million as at December 2024.

The data showed that 2.7 million new BVN enrollments were recorded between December 2024 and July 2025.

Further analysis of the NIBSS data showed that as at 2021, 51.9 million accounts were linked to BVN, it rose to 56 million in 2022, and 60.1 million in 2023 and closed 2024 at 63.5 million.

According to NIBSS, the BVN gives bank account owners a unique identity that can be verified across the Nigerian banking industry, while it ensures that customers’ bank accounts are protected from unauthorized access.

The BVN project, which captures the uniqueness of every bank customer, is one of the most-innovative projects introduced into the financial system in 2014.

How Non-Resident BVN impacts economy

Cardoso had explained that offering innovative and attractive financial solutions can greatly enhance diaspora participation, deepen financial inclusion, and significantly boost remittance inflows.

“Over the past year, our policy frameworks have undergone extensive refinements, informed by sustained dialogue with International Money Transfer Operators (IMTOs). The introduction of the willing buyer, willing seller regime, licensing of additional IMTOs, and market reforms that have facilitated currency convergence are notable examples. Consequently, remittance flows through official channels have risen markedly, from $3.3 billion in 2023 to $4.73 billion last year,” he said.

He added: “With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels”.

Cardoso explained that a fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted and cost-effective channels. He emphasized that the launch was not the final destination, but the beginning of a broader journey.

 “The NRBVN is a dynamic initiative, one that will continue to evolve in response to the needs of its users. It presents a unique opportunity to learn, to innovate, and to adapt. We encourage all stakeholders to engage actively, share insights, and help shape a system that serves millions of Nigerians across geographies and generations. The NRBVN is not just a tool; it is a bridge between Nigeria and its global citizens,” he said.

He added: “With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels”.

“To meet these targets, collaboration and compliance with established regulatory frameworks remain essential. All stakeholders MUST adhere strictly to the FX Code and other relevant regulatory guidelines. This is critical to ensuring market stability, integrity, and overall confidence in Nigeria’s financial system.”

The CBN boss further invited the IMTOs to integrate with the NRBVN platform as part of shared vision to build a secure, efficient, and inclusive financial ecosystem for Nigerians globally.

Cardoso explained that a fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted and cost-effective channels. He emphasized that the launch was not the final destination, but the beginning of a broader journey.

“The NRBVN is a dynamic initiative, one that will continue to evolve in response to the needs of its users. It presents a unique opportunity to learn, to innovate, and to adapt. We encourage all stakeholders to engage actively, share insights, and help shape a system that serves millions of Nigerians across geographies and generations. The NRBVN is not just a tool; it is a bridge between Nigeria and its global citizens,” he said.

He reiterated the CBN’s commitment to reducing the cost of remittances, currently averaging over seven percent in Sub-Saharan Africa. Lowering these costs, he stated, will enhance the safety and appeal of formal channels while amplifying the socioeconomic impact of diaspora remittances on Nigerian households and the broader economy.

Statistics on dollar inflows via IMTOs

The value of foreign exchange inflows to the economy through the IMTOs rose sharply in 12 months to $4.76 billion, the apex bank’s quarterly statistical bulletin showed.

The report, which covered inflows in 2024,  represents a significant 44.5 per cent increase from the $3.30 billion recorded in 2023. The IMTO inflows continue to be a vital source of foreign currency for Nigeria, supporting families, businesses, and the broader economy amid ongoing FX market challenges.

The year began with a strong performance in January 2024 as inflows surged 32.5 per cent year-on-year to $390.86 million, compared to $295.21 million in January 2023. This early momentum was maintained in February, with inflows increasing by 67.3 per cent, rising to $326.91 million from $195.23 million the previous year.

March continued the positive trend, with IMTO inflows hitting $363.76 million in 2024, up 30 per cent from $279.79 million in March 2023. April saw a leap, with inflows reaching $466.11 million, an 83.3 per cent increase from April 2023’s $254.26 million, marking the highest year-on-year percentage growth in the first half of the year.

May recorded inflows of $404.75 million in 2024, a 45.3 per cent rise compared to $278.54 million the year before.

June was a relatively flat month-on-month but still strong year-on-year, with inflows at $389.79 million, up 40.2 per cent from $278.04 million in June 2023. July and August were the standout months for IMTO inflows, posting the highest volumes of the year. In July 2024, inflows jumped to $552.94 million, more than double the $240.35 million recorded in July 2023, representing a 130% year-on-year increase.

August maintained this peak momentum with inflows rising to $585.21 million, a 116 per cent increase from $271.24 million in August 2023.

These two months alone accounted for nearly a quarter of the total inflows for the entire year, highlighting their critical role in Nigeria’s FX ecosystem.

The final four months of 2024 showed a mixed pattern of inflows, reflecting broader economic uncertainties and seasonal effects. September recorded $336.61 million in IMTO inflows, up 40.8 per cent from $238.98 million in the same month of 2023.

October’s inflows rose modestly to $378.85 million, a 29.1 per cent increase year-on-year. However, November saw a sharp decline, with inflows dropping by 22.1 per cent to $252.28 million from $324.20 million in November 2023.

December ended the year on a more positive note, with inflows rebounding to $316.59 million, a 9.1 per cent increase compared to $348.33 million in December 2023. The surge in IMTO inflows is closely tied to the reforms introduced by the CBN under Governor Cardoso since his assumption of office in September 2023.

Impact on diaspora remittances

According to President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, there are over 1.24 million Nigerian Migrants abroad and 50 per cent of them lives within the African neighbour hood, and the figure is expected to rise in the coming years.

Gwadabe listed importance of migrant remittances to the economy to include serving as a lifeline for the recipients small house hold in the economy and used for health, nutrition, education and societal needs.

The remittances are also higher than both Foreign Direct Investment and foreign aids flow to the economy and still, are cheaper sources of funds.

He said that remittances can be used infrastructural developments as seen in India and Lebanon while in the Dubai UAE, the remittances are stable sources of liquidity in the Market. The remittances, he added, can also serve as excellent  source of investments funds in the economy  even as it represent 83 per cent of the Federal Government budget in 2018.

The remittances were 11 times higher than the FDIs in the same period and 7.4 per cent larger than the net official development assistance received in 2017 of $3. 34 billion in the economy.

In a report: “Diaspora remittances: The power behind Africa’s sustainable growth”, Regional Vice President of Africa at Western Union, Mohamed Touhami el Ouazzani, said remittances may be measured through the movement of money, but their real impact is measured in lives changed.

He disclosed that in 2023 alone, $90 billion flowed into Africa from its global diaspora, an amount that rivals the Gross Domestic Product of entire nations.

He said that remittances symbolize deep ties that keep communities connected across borders. “Families with a breadwinner working abroad depend on these funds to provide vital support for day-to-day needs. They also build the foundation for broader financial stability,” he said.

“Beyond their immediate impact, remittances are powerful drivers of economic change. They fuel infrastructure development, spur entrepreneurship, and promote financial inclusion – all essential for long-term economic development. Ghana’s National Financial Inclusion and Development Strategy (NFIDS) is simplifying access to remittances, while countries like Kenya, Ethiopia and Nigeria are tapping into diaspora bonds to fund infrastructure and other national projects,” he added.

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Families with a breadwinner working abroad depend on these funds to provide vital support for day-to-day needs. They also build the foundation for broader financial stability. Beyond their immediate impact, remittances are powerful drivers of economic change. They fuel infrastructure development, spur entrepreneurship, and promote financial inclusion – all essential for long-term economic development