The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement Systems (NIBSS), recently launched the Non-Resident Bank Verification Number (NRBVN), an initiative tailored towards addressing identified concerns that affect diasporas’ remittances.
The NIBSS first mooted the idea of the NRBVN at a parley with diaspora Nigerians in 2024, promising it would address the challenges of account opening in Nigeria.
Essentially, with this initiative, the CBN wants to extend financial services to millions of Nigerians abroad by removing the longstanding structural barriers that have historically constrained diaspora participation in the domestic economy.
What is NRBVN, and how does it work?
The NRBVN is a solution that enables Nigerians living in diaspora to enrol for BVN from anywhere in the world without visiting a physical bank.
This allows them to open domiciliary accounts in USD, GBP, and EUR, offering flexibility for investments and remittances.
The NRBVN platform allows users to remit funds by selecting the “Remit Money” option and following the payment and transfer steps.
According to NIBSS, the advanced biometric verification and strict adherence to global KYC and AML regulations on the platform ensure secure transactions.
The initiative promises users hassle-free account opening and fund transfers with streamlined processes and real-time support.
What you need to register for the NRBVN
Registration and account opening under this initiative are done through the NRBVN website: www.nrbvn.com.
To register, users will need to submit their ID, biodata information, and KYC documents (e.g., utility bills, bank statements, etc.). They will also undergo a liveness check for verification.
Documents required for registration include:
- A valid ID document (such as a passport or national ID card).
- Proof of residency status (utility bills, lease agreements, or government-issued residency documents).
- Work ID or employment confirmation letter (for verification of occupation).
- Reference letter from a recognized financial institution (where applicable).
- Proof of income or tax return documents (optional for additional verification).
Once all the required information and documents are provided, the NRBVN system will validate and screen the information. Once approved, an NRBVN will be provided within 72 hours.
Steps to register for the NRBVN
To get an NRBVN, the intending applicant is to visit www.nrbvn.com, click loginand then click sign up below the login page.
After inputting that information, you will be required to get a verified QR code from Google Authenticator.
- When that process is successful, you will be asked to verify the new account through a message sent to the email address used to register.
- Clicking the link from the email address, you will be required to log in with the password and directed to the terms and conditions page.
- Next is the ‘consent’ page, where you need to click on ‘accept’. From there, you will be directed to select user type among three options – Nigerian, no BVN; Nigerian, BVN; Nigerian by Descent.
- After clicking on ‘Nigerian, no BVN’, the next page will display a list of required documents needed, which include a Nigerian passport (valid or expired), proof of foreign residency (Valid Foreign Passport, Residence Permit, Green Card etc.), and a utility bill, all compulsory.
- Clicking on ‘next’ will take you to the application fee payment page, where it is clearly stated that “to finalize your registration, a payment of US$50 is required to process your application.”
- By clicking ‘next’, you will be redirected to Tazapay’s secure payment gateway to complete your application fee payment.
- Once the fee is paid and confirmed, you can then proceed to submit all required documents, enter personal details like name, address, and date of birth, and then click on ‘submit’.
- You will then undergo a liveness test to match their image with the provided documents and information.
- The next step will be to verify the phone number using an OTP sent to the phone number provided.
- After that, the ‘summary’ page will display, containing all the applicant’s information. Once applicants confirm the information is correct, they can then submit.
Is NRBVN free?
Unlike the locally available BVN, registration for the NRBN is not free. Checks by Nairametrics reveal that the registration costs $50, about N80,000.
After obtaining the NRBVN, remittance services on the platform also attract a fee, and according to the NIBSS, all fees will be displayed during the transaction process on the platform.
However, there may be limits on remittance based on local regulations and the policies of the receiving bank. NIBSS said details of such limits, where they exist, are provided during the transaction process.
Bottomline
The NRBVN is, no doubt, a major milestone in the CBN’s efforts to expand financial inclusion and integrate the Nigerian diaspora into the country’s economic activities.
While this makes it easy and more convenient for Nigerians abroad to send money to their loved ones at home, it is bound to increase remittance inflows into Nigeria and enhance financial inclusion for Nigerians abroad.
