HOUSTON, Oct. 31, 2024 /PRNewswire/ — The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), Nigerian banks, and International Money Transfer Operators (IMTOs), participated in a pivotal forum titled “Optimizing Remittances to Nigeria: A Vision for the Future” in Houston, Texas. The event, which brought together members of the Nigerian diaspora, business leaders, investors, and top executives from Nigerian banks to explore strategic pathways for enhancing remittance flows, a vital component of Nigeria’s economic stability and growth.
We are looking at remittances going beyond remittances for consumption, but remittances for investment – Philip Ikeazor
The forum, which is part of CBN’s ongoing efforts to engage Nigerian diaspora communities, featured insightful panel discussions and presentations that explored current challenge and opportunities in the remittance ecosystem. Senior representatives from Nigeria Inter-Bank Settlement System Plc (NIBSS), United Bank for Africa, First Bank, Zenith Bank, Providus Bank, Fidelity Bank, and First City Monument Bank, alongside key stakeholders from the CBN, outlined how the CBN’s forward-thinking reform agenda is reshaping Nigeria’s financial ecosystem and driving positive outcomes for Nigerians both at home and abroad.
In his opening remarks, Muhammad Sani Abdullahi, Deputy Governor of Economic Policy, CBN, laid the groundwork for the forum, emphasizing 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.”
The sessions highlighted the importance of leveraging remittances as a strategic tool for financial alliances and promoting diaspora-led investments. The CBN emphasized the pivotal role the Nigerian diaspora plays in national development through investments to build the economy. “We are looking at remittances going beyond remittances for consumption, but remittances for investment,” stated Philip Ikeazor, Deputy Governor, Financial System Stability, CBN
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” – Dr Kase Lukman Lawal, Chairman, Unity National Bank
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. Premier Oiwoh, MD and CEO of NIBSS, 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% 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 Dr. Oliver Alawuba, GMD/CEO, UBA PLC & Chairman, Body of Banks’ CEOs in Nigeria
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.
For more information about the Central Bank of Nigeria’s efforts to optimize remittances, please visit: https://www.cbn.gov.ng/ or contact: contactcbn@cbn.gov.ng
About the Central Bank of Nigeria
The Central Bank of Nigeria (CBN) serves as the country’s sole monetary authority, tasked with regulating and overseeing Nigeria’s monetary and financial systems. Established by an Act of Parliament, the CBN’s mandate includes ensuring monetary and price stability, issuing legal tender, maintaining external reserves to protect the international value of the naira, promoting a sound financial system, and acting as banker and economic advisor to the Federal Government of Nigeria.
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SOURCE Central Bank of Nigeria
