Nigerians living abroad are now required to pay $50 (about
N80,000) to register for the bank verification number (BVN).
On May 13, the CBN, in collaboration with the Nigeria
Inter-Bank Settlement System (NIBSS), launched the non-resident bank
verification number (NRBVN) platform to ease access to financial services for
Nigerians in the diaspora.
The NRBVN platform allows Nigerians abroad to obtain their
BVN remotely, eliminating the long-standing requirement of physical presence in
Nigeria.
Olayemi Cardoso, governor of CBN, said the NRBVN is aimed at
increasing financial inclusion, particularly for Nigerians living outside the
country.
HOW TO APPLY FOR THE
NRBVN
Applicants can access the new platform and register with a
recognised email by visiting the link https://nibss-plc.com.ng/nrbvn/
After registration, a link is sent to the email address
provided to activate the applicant’s account. The link also redirects the
applicant to another page for password creation.
The next process requires them to scan a QRcode using any
two-factor authentication (2FA) app like Google Authenticator.
When this is successfully achieved, applicants are taken to
a page with options to “Onboard, Open Bank Account, or Remit Money.” From here,
applicants select their appropriate user type status from three options:
‘Nigerian, no BVN’, ‘Nigerian, BVN’, and ‘Nigerian by descent’.
DOCUMENTS REQUIRED
FOR NRBVN ISSUANCE
To use any of the services on the platform, a valid passport
is the primary requirement, according to the portal. However, where this is not available, other
documents that can be used are the Nigerian passport (valid or expired), proof
of foreign residency (valid foreign passport, residence permit, green card
etc.), utility bill, work permit and/or proof of employment, proof of tax
payment in the country of residence, and foreign bank account statements.
N80,000 REGISTRATION
FEE
On the new portal, applicants are notified of a mandatory
$50 non-refundable fee to process their registration using either a Visa card
or a Mastercard. This contrasts with the free BVN registration for Nigerians
living in the country.
After confirming the information, users are redirected to a
secure Tazapay checkout page to complete the transaction using their debit or
credit cards.
The payment portal, powered by international gateway
provider Tazapay, was launched to process applications from diaspora residents
who are unable to travel to Nigeria for biometric enrollment.
Once all the required information and documents are provided
and payments made, the NRBVN system will validate and screen the information.
Once approved, an NRBVN will be provided within 72 hours.
As of May 2025, with the naira trading at around N1,600 to
the dollar, the BVN registration fee represents a cost of approximately N80,000
per applicant.
The initiative is expected to enhance know-your-customer
(KYC) compliance and reduce identity fraud across Nigeria’s banking system,
particularly in the face of tightening regulatory oversight over fintech
operations, foreign exchange (FX) inflows, and diaspora remittances.
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