In a major stride toward unlocking the full potential of diaspora remittances, the Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), on Tuesday launched the Non-Resident Bank Verification Number (NRBVN) platform.

The platform enables Nigerians abroad to remotely register for a Bank Verification Number (BVN) without physically being in the country — a move the apex bank hopes will significantly boost formal remittance flows and financial inclusion.

Speaking at the launch event in Abuja, which drew financial sector stakeholders including CEOs of major banks, CBN Governor Olayemi Cardoso described the initiative as a milestone in Nigeria’s quest to connect its global citizens to the domestic financial system.

He noted that the NRBVN will help remove long-standing bottlenecks preventing Nigerians in the diaspora from accessing services such as savings, mortgages, pensions, insurance, and investment opportunities in Nigeria.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said. “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 NRBVN is positioned as a foundational element of a broader suite of financial offerings for non-resident Nigerians. These include the Non-Resident Ordinary Account (NROA) and the Non-Resident Nigerian Investment Account (NRNIA), both of which allow access to Nigeria’s financial markets under flexible repatriation rules.

The CBN Governor also emphasized that the platform has been developed with stringent global standards for Anti-Money Laundering (AML) and KYC compliance to safeguard the integrity of Nigeria’s financial system and encourage international confidence.

“Every NRBVN enrolment undergoes comprehensive verification checks to guard against illicit financial activity,” Cardoso added. “This is critical to ensuring market stability, integrity, and overall confidence in Nigeria’s financial system.”

The NRBVN is part of a broader CBN strategy aimed at capturing a larger share of the global remittance market by formalizing inflows and enhancing convenience. In 2023, Nigeria recorded $3.3 billion in formal remittance inflows — a figure that climbed to $4.73 billion in 2024 following policy reforms such as the reintroduction of the “willing buyer, willing seller” foreign exchange regime. With the new platform in place, the CBN is now targeting $1 billion per month, or approximately $12 billion annually.

“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target,” Cardoso said. “A goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels.”

He also noted that remittance costs in Sub-Saharan Africa remain among the highest globally, averaging over 7 percent. The NRBVN, by facilitating direct and affordable access to Nigerian financial services, is expected to lower these costs and redirect more remittance flows into formal channels.

“This platform is not just about financial access. It’s about national inclusion, innovation, and shared prosperity,” he said.

Cardoso called for increased collaboration among stakeholders, including commercial banks, International Money Transfer Operators (IMTOs), and regulators, to fully actualize the platform’s benefits. He urged IMTOs to integrate directly with the NRBVN system and warned that strict compliance with foreign exchange (FX) regulations, including the FX Code, was mandatory.

“All stakeholders must adhere strictly to the FX Code and other relevant regulatory guidelines. Compliance is not optional; it is central to maintaining transparency and trust in the system,” he said.

CBN’s call for integration and adherence was echoed by other panelists at the event, including NIBSS Managing Director and CEO, Premier Oiwoh, who presented a detailed technical breakdown of the NRBVN platform, emphasizing its end-to-end security and verification processes.

NiDCOM Backs Initiative as Game Changer

Also present at the launch was the Chairman and Chief Executive of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, who described the platform as a game changer. She said the ability of diaspora Nigerians to register a BVN remotely marked a turning point in diaspora engagement.

“We have always advocated for tools that make it easier for Nigerians abroad to connect and contribute to the economy back home,” she said. “This initiative empowers them to do just that — seamlessly, securely, and on a global scale.”

Dabiri-Erewa stressed that the NRBVN will serve as an enabler for broader inclusion, not only economically but socially, by reinforcing the link between Nigeria and its citizens living abroad.

Beyond Numbers

The NRBVN’s significance goes beyond facilitating remittances. It aligns with a broader push by the Nigerian government to deepen diaspora participation in the economy, particularly through investment in capital markets, property, and long-term savings instruments.

With repatriation rules remaining flexible and transparent, the CBN is hoping that more Nigerians abroad will be incentivized to reinvest their funds into the domestic economy through regulated channels. The central bank is also considering more digital innovations that would extend these benefits to other financial services such as pensions, microinsurance, and real estate.

In launching the NRBVN, Nigeria joins other developing countries like India and the Philippines in recognizing the economic value of its diaspora, not only as senders of money but as investors and stakeholders in national development.

While Cardoso acknowledged that the NRBVN is not “the final destination,” he called it a critical first step in building a truly inclusive and globally connected financial system for Nigeria.

“Through this initiative, we are laying the foundation for a secure, efficient, and inclusive financial ecosystem — one that includes all Nigerians, wherever they may be in the world.”

Dubai’s Department of Finance (DOF) signed a Memorandum of Understanding (MoU) with Crypto.com to enable cryptocurrency payments for government services. This initiative, announced during the Dubai FinTech Summit, allows residents and businesses to pay fees using stablecoins through Crypto.com’s digital wallet, with transactions converted to UAE dirhams for government accounts. The partnership aligns with Dubai’s Cashless Strategy, aiming for 90% cashless transactions by 2026, and positions the city as a global fintech hub. This marks a significant step in integrating blockchain technology into public services.

The partnership between Dubai’s Department of Finance and Crypto.com to accept cryptocurrency payments for government services has significant implications, both for Dubai and globally, while also highlighting a growing divide in the adoption of digital currencies. By integrating crypto payments into government services, Dubai signals trust in blockchain technology, potentially encouraging other governments and institutions to follow suit. This move normalizes cryptocurrencies as a legitimate payment method.

Residents and businesses can use stablecoins via Crypto.com’s wallet, offering a seamless, digital payment option that aligns with Dubai’s Cashless Strategy (targeting 90% cashless transactions by 2026). Dubai reinforces its position as a fintech and blockchain hub, attracting crypto-related businesses and talent, which could boost its economy through innovation and investment.

Crypto payments, especially stablecoins, can reduce transaction costs and processing times compared to traditional banking systems, benefiting both users and the government. By catering to crypto users, Dubai may capture a growing demographic of digital asset holders, increasing transaction volumes for government services. Using stablecoins (pegged to fiat like the UAE dirham) minimizes volatility risks, making this a practical entry point for crypto in public services.

Policy and Regulation

The partnership suggests Dubai has developed or is developing robust regulations for crypto transactions, ensuring compliance, security, and anti-money laundering (AML) measures. This pilot could lead to broader crypto adoption across other emirates or sectors (e.g., utilities, taxes), shaping UAE’s national blockchain strategy.

Countries like Singapore, Switzerland, or even smaller economies may accelerate their own crypto-friendly policies to compete as fintech hubs. Crypto.com’s role could encourage other platforms (e.g., Binance, Coinbase) to seek similar government partnerships, expanding crypto’s public sector use.

Crypto payments require digital wallets, smartphones, and internet access, which may exclude less tech-savvy or lower-income residents, particularly migrant workers or older populations in Dubai. Understanding and using cryptocurrencies demands financial literacy, creating a barrier for those unfamiliar with digital assets.

Crypto adoption may primarily benefit affluent or tech-forward individuals and businesses, potentially widening the gap between those integrated into the digital economy and those reliant on cash. While Dubai, a wealthy city, can afford to experiment with crypto, poorer nations or regions lack the infrastructure or resources to implement similar systems, deepening global economic disparities.

Dubai’s crypto-friendly stance contrasts with countries like China or India, where crypto faces heavy restrictions or bans. This creates uneven opportunities for businesses and users globally. Within the UAE, other emirates may lag in adopting similar policies, creating inconsistencies in user experience across the federation. Dubai’s urban, cosmopolitan population is more likely to embrace crypto than rural or less developed areas in the UAE or Middle East, limiting regional scalability.

While government services adopt crypto, private businesses (e.g., small retailers) may be slower to follow, creating a fragmented payment ecosystem. Dubai’s partnership with Crypto.com is a bold step toward mainstreaming cryptocurrency, enhancing efficiency, and solidifying its fintech leadership. However, it also underscores divides in technology access, economic inclusion, regulatory approaches, and adoption rates.

To bridge these gaps, Dubai will need to invest in education, infrastructure, and inclusive policies to ensure broad participation, while the global community watches to see if this model can be replicated or if it widens existing disparities.