Nigerians in the diaspora will be required to pay N80,000 ($50) to obtain a Non-Resident Bank Verification Number (NRBVN) remotely, according to findings by Nairametrics following the Central Bank of Nigeria’s (CBN) recent launch of the NRBVN platform.
The CBN, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), launched the NRBVN platform to simplify the process for Nigerians living abroad to obtain their Bank Verification Number (BVN) remotely, eliminating the need for in-person verification.
The NRBVN initiative is seen as a major milestone in the CBN’s efforts to expand financial inclusion and integrate the Nigerian diaspora into the country’s economic activities.
In contrast to the required $50 fee payment for Nigerians living abroad, BVN registration is completely free for Nigerians who are living in the country.
Registration Process
To get an NRBVN, intending applicants are to visit nrbvn.com and sign up with their email address and password. After inputting that information, they will be required to get a verified QR code from Google Authenticator.
When that process is successful, they 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, they will be required to log in with the password and directed to the terms and conditions page.
Next is the ‘consent’ page where applicants need to click on ‘accept’. From there, they 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.
Other optional requirements are a work permit and/or proof of employment, proof of tax payment in the country of residence, and foreign bank account statements.
Clicking on ‘next’ will take applicants 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, applicants can then proceed to submit all required documents, enter personal details like name, address, and date of birth, and then click on ‘submit’.
Applicants 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.
Ambitious $1 Billion Monthly Remittance Target
The CBN has set an ambitious target of $1 billion in monthly remittance flows, further boosting Nigeria’s foreign exchange reserves.
According to data obtained from the CBN, direct remittance inflows into Nigeria totalled $1.92 billion in 2024, reflecting a slight decline from the $1.98 billion recorded in the previous year.
CBN Governor, Olayemi Cardoso, expressed confidence that this goal is achievable, citing the increasing trust and convenience of formal remittance channels.
The launch of the NRBVN platform is expected to reduce the high cost of remittances, making remittance services more accessible and cost-effective for Nigerians abroad.
Reactions from Nigerians in the Diaspora
Nigerians resident abroad have reacted to the latest development with divergent opinions. While some believe the $50 fee is fair, others see it as a desperate move by the CBN to generate revenue for the government.
“I’ve flown from London to Nigeria to just go and do my BVN and get my bank account working,” Ikechukwu told Nairametrics.
“I think it’s fair in the sense that the option you’ve got is traveling back to Nigeria to do your BVN, and if you check the cost of your return flight ticket just to go and do your BVN, you will agree that it is fair.”
However, Tope sees it differently. He believes that there are other ways the government can make money.
“I think this is just a desperate move to generate revenue for the government. This same thing is done for free in Nigeria, why charge a fee for those living abroad, do they think we are plucking money here?” He queries.
What you should know
- In addition to BVN registration, the new platform provides access to Non-Resident Ordinary Accounts (NROA) and Non-Resident Nigerian Investment Accounts (NRNIA), offering diaspora Nigerians a wider range of financial services.
- These services include access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.
- Under the current regulations, Nigerians in the diaspora will have the flexibility to repatriate the proceeds from their investments. This is expected to enhance the attractiveness of Nigeria’s capital markets and create more investment opportunities for Nigerians living abThe platform also incorporates global standards for security and compliance. Every NRBVN registration undergoes thorough verification checks to ensure the integrity of the financial system.
