The Central Bank of Nigeria (CBN) has set a N80,000 (US$50) processing fee for Nigerians in the diaspora to obtain a Non-Resident Bank Verification Number (NRBVN) remotely, a significant development following the recent launch of the NRBVN platform. This is in stark contrast to the free BVN registration available for Nigerians residing within the country.

 

The CBN, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), launched the NRBVN platform to streamline the process for Nigerians living abroad to acquire their Bank Verification Number (BVN) without the need for in-person verification. This initiative is touted as a major step towards expanding financial inclusion and integrating the Nigerian diaspora more actively into the nation’s economic framework.

Under the leadership of Governor Olayemi Cardoso, the CBN has articulated an ambitious goal of attracting $1 billion in monthly diaspora remittances, significantly contributing to Nigeria’s foreign exchange reserves.

Taste the Goodness: EL Blends All-Natural Cold-Pressed Juices

 

The process for obtaining an NRBVN involves a multi-step online registration. Intending applicants are required to visit nrbvn.com, sign up with their email and password, and then use Google Authenticator for a verified QR code. After email verification, applicants will log in, accept the terms and conditions, and proceed to select their user type from “Nigerian, no BVN,” “Nigerian, BVN,” or “Nigerian by Descent.”

 

For those opting for “Nigerian, no BVN,” compulsory documents include a Nigerian passport (valid or expired), proof of foreign residency (such as a valid foreign passport, residence permit, or green card), and a utility bill. Optional documents that can also be provided are a work permit and/or proof of employment, proof of tax payment in the country of residence, and foreign bank account statements.

 

Crucially, upon reaching the application fee payment page, applicants will be explicitly informed that “to finalize your registration, a payment of US$50 is required to process your application.” This payment is processed through Tazapay’s secure payment gateway.

 

Once the fee is confirmed, applicants can then submit all required documents, input personal details including name, address, and date of birth. Following this, a liveness test is conducted to verify the applicant’s image against the provided documents. The final steps involve phone number verification via an OTP and a review of the summary page before final submission.

 

 

This new fee has drawn varied reactions from Nigerians in the diaspora, who have historically expressed skepticism about saving money in Nigerian banks. This apprehension stems from concerns over unauthorized withdrawals by fraudulent bank officials, an issue that has affected both local and international account holders.

 

The CBN’s move, while aiming to boost remittances, will likely be scrutinized for its potential impact on trust and willingness to engage with formal financial channels from abroad.