Beyond borders
Nigeria's BVN enrolments rose to 64.83 million, as the CBN introduced services for diaspora Nigerians.
The Nigeria Inter-Bank Settlement System (NIBSS) reported an increase in Bank Verification Number (BVN) enrolments to 64.83 million in January 2025, up from 63.47 million in January 2024, despite 231.1 million active accounts as of July 2024. In October 2024, the Central Bank of Nigeria (CBN) announced plans to launch a BVN platform for Nigerians in the diaspora, enabling them to manage local accounts, run businesses, and address KYC issues remotely. Additionally, on 10 January, CBN introduced the Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident Nigerian Investment Account (NRNIA) to facilitate fund remittances and management in foreign and local currencies for diaspora Nigerians.
The CBN introduced BVN to the Nigerian financial services industry in February 2014 in response to escalating fraud, identity theft and operational bottlenecks, and it has been an enormous success. Between BVN with 64.83 enrolees and National ID (NIN) with approximately 110 million enrolees, the country now has biometric data for many citizens, which helps with national planning and security. The CBN has continued exploring ways to tap into the deep pockets of Nigerians living abroad to shore up the local currency. If marketed and appropriately managed, the NRNOA and NRNIA can attract millions of such Nigerians who have continuously shown their affinity to the motherland in the age of social media.