He said: “For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements. The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably.”

The governor stressed that the NRBVN is a dynamic platform, which does not mark the end of a process.

He added that the platform is the beginning of a broader journey, saying: “Stakeholders across the financial ecosystem, including banks, fintech and International Money Transfer Operators (IMTOs) are encouraged to integrate and collaborate in shaping and refining the system as it evolves.”

Remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024 due to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime. With the NRBVN in place, Cardoso said the CBN is optimistic about reaching its $1 billion monthly remittance target. To meet the set target, Cardoso noted, collaboration and compliance with established regulatory frameworks remain essential.

He said: “All stakeholders must adhere strictly to the FX Code and other relevant regulatory guidelines. This is critical to ensuring market stability, integrity, and confidence in Nigeria’s financial system.”

He urged IMTOs to integrate with the NRBVN platform as part of a shared vision to build a secure, efficient, and inclusive financial ecosystem for Nigerians globally.

He insisted 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.

The CBN governor also reiterated the Bank’s commitment to reducing the high cost of remittances in sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform. The Managing Director/Chief Executive Officer of NIBSS, Premier Oiwoh, described the initiative as a game changer.

“The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA). Together, the platforms enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets,” he said.

Under current regulations, Nigerians in the diaspora will retain the flexibility to repatriate the proceeds of their investments.

THE GUARDIAN