….Introduces Non-Resident BVN For Diaspora Investors
The Central Bank of Nigeria (CBN), along with the Nigeria Inter-Bank Settlement System (NIBSS), Nigerian banks, and International Money Transfer Operators (IMTOs) convened in Houston, Texas, for a strategic forum titled “Optimizing Remittances to Nigeria: A Vision for the Future.”
The event brought together Nigerian diaspora members, business leaders, investors, and executives from top Nigerian banks to discuss ways to enhance remittance flows, a crucial component for Nigeria’s economic stability and growth.
The forum, part of CBN’s ongoing engagement with diaspora communities, included panel discussions and presentations that examined challenges and opportunities within the remittance ecosystem.
Representatives from major Nigerian banks, including United Bank for Africa, First Bank, Zenith Bank, Providus Bank, Fidelity Bank, and First City Monument Bank, along with NIBSS officials, highlighted the CBN’s reform initiatives that are reshaping Nigeria’s financial ecosystem to benefit both Nigerians at home and abroad.
The CBN’s Deputy Governor of Economic Policy Muhammad Sani Abdullahi affirmed the Bank’s commitment to “strengthening macroeconomic fundamentals to create an enabling environment where the private sector can thrive and generate quality jobs for Nigerians.”
Abdullahi highlighted the importance of remittances in driving economic progress beyond consumption, positioning remittances as an investment tool.
The forum emphasized the potential of remittances to fuel diaspora-led investments and strengthen financial alliances.
CBN’s Deputy Governor of Financial System Stability, Philip Ikeazor stated, “We are looking at remittances going beyond remittances for consumption, but remittances for investment.”
The forum was well-attended, with a selective group of participants from the Nigerian diaspora including industry leaders, diaspora entrepreneurs, and financial experts.
Attendees engaged in discussions about digital innovation, the role of Nigerian banks in expanding remittance services, and the need for deepened collaboration with the diaspora.
“You have so many people here that are the diasporans that you need, that you need to cultivate, that should be partnering with you. The strength of partnership is incredible” Chairman, Unity National Bank, Dr Kase Lukman Lawal said.
A key highlight of the forum was the introduction of the Non-Resident Bank Verification Number (NRBVN) by the Nigeria Inter-Bank Settlement System (NIBSS).
This new digital platform simplifies Know Your Customer (KYC) verification for Nigerians in the diaspora and foreign investors, features real-time monitoring of remittance transactions and ensures compliance with the highest global AML best practices.
MD and CEO of NIBSS, Premier Oiwoh described the NRBVN as a collaborative tool designed to enhance remittance flows and boost diaspora BVN enrollment.
The forum also included an interactive session, where members of the diaspora voiced their experiences and expectations regarding the financial services industry in Nigeria.
Their feedback will be integral to shaping future policies and enhancing the customer experience for all Nigerians sending money home.
“Remittances today are about 4 per cent of GDP of Nigeria. The banks are ready to build the partnerships that will make remittances increase in Nigeria. And what is important is working with IMTOs, working with Fintechs, working with CBN, so we can clear the challenges around remittances into Nigeria, and ensure that we begin to have a rise in inflows,” expressed GMD/CEO, UBA Plc & Chairman, Body of Banks’ CEOs in Nigeria, Dr. Oliver Alawuba,
The CBN reaffirmed its commitment to creating an enabling environment for remittances by working closely with banks and financial institutions to deliver secure, efficient, and cost-effective solutions.