Waves

In 1973, the then Zairian President, General Mobutu Sese Seko, visited Mauritania for three days. At that time, Mauritania was one of the poorest countries in Africa, with an economy that depended on fishing, farming, and sheep herding.

During the three days of discussions, President Mobutu noticed that his host, Mauritania’s President Moktar Ould Daddah—the first president of Mauritania after its independence from French colonial rule—did not change his suit throughout the entire visit. Mobutu realized that his host did not have enough money to purchase elegant and expensive suits.

At the conclusion of his visit, while at the departure lounge of Nouakchott Airport, President Mobutu discreetly handed a check for 5 million US dollars to President Ould Daddah’s secretary so as not to embarrass his host. Along with the check, he included a note with the addresses of famous fashion designers in Paris, where Mobutu himself tailored his suits,…

The Central Bank of Nigeria has finally dismantled the longstanding obstacles that have kept millions of Nigerians in diaspora disconnected from their homeland’s financial system. With the launch of the Non-Resident Bank Verification Number (NRBVN), yesterday in Abuja, the CBN has systematically eliminated barriers that once restrained Nigerians abroad from making seamless and cost-effective financial transactions to Nigeria. This transformative initiative is already eliciting much excitement from Nigerians living abroad as a dream come true. Now they can make transactions from anywhere in the world as if they’re right in Nigeria.

1.⁠ ⁠Mandatory physical presence for banking services

Barrier:

Previously, Nigerians abroad had to physically travel to Nigeria just to open accounts, update information, or complete basic banking tasks.

CBN’s Solution:

The NRBVN has eliminated this requirement entirely, allowing complete digital verification from anywhere in the world.

Welcome to the group! You can connect with other members, get updates and share videos.