Nigerians living abroad will now pay $50 (about N80,000) to obtain a Non-Resident Bank Verification Number (NRBVN) remotely, following a new platform launched by the Central Bank of Nigeria (CBN) in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS).
This initiative is designed to simplify access to Nigeria’s financial system for the diaspora community by removing the need for physical presence to register for a BVN. While local BVN registration remains free in Nigeria, diaspora applicants are required to pay a processing fee, a move that has drawn mixed reactions from Nigerians abroad.
The CBN sees the NRBVN as part of its broader push to increase financial inclusion and integrate diaspora Nigerians into the national economy. Through the NRBVN, they can now also access Non-Resident Ordinary Accounts (NROA) and Non-Resident Nigerian Investment Accounts (NRNIA), allowing them to save, invest, and engage with Nigeria’s financial sector more easily. These services include access to mortgages, insurance, pensions, and capital market opportunities, with flexibility to repatriate investment returns.
To register, applicants must visit [nrbvn.com](https://nrbvn.com), create an account with their email and password, and use Google Authenticator to generate a QR code. After verifying their email, they proceed to choose their user type and provide necessary documentation, including a Nigerian passport, proof of residency abroad, and a utility bill.
Optional documents like work permits, proof of employment, or tax records can be added. After confirming all information, applicants must pay a $50 fee via the Tazapay payment gateway, submit their personal details, complete a liveness test, and verify their phone number before final submission.
The CBN has set a goal of boosting diaspora remittances to $1 billion monthly, aiming to strengthen Nigeria’s foreign exchange reserves. In 2024, remittance inflows stood at $1.92
billion, slightly below the $1.98 billion recorded the year before. CBN Governor Olayemi Cardoso expressed optimism that the NRBVN platform will help achieve this target by making remittance processes cheaper and more accessible.
The $50 charge has sparked differing opinions among Nigerians in the diaspora. Some see it as a practical alternative to expensive travel, noting that flying to Nigeria for BVN registration would cost much more. Others view it as an unnecessary burden.
One Nigerian shared that he previously flew to Nigeria just to get his BVN, and compared to airfare, the $50 charge is reasonable. Another, however, argued that the fee is unfair, pointing out that the same process is free within Nigeria and accusing the government of using the diaspora as a revenue source.
Despite the controversy, the platform’s introduction marks a significant step toward deepening Nigeria’s financial links with its diaspora population, offering broader financial access while enhancing security through global compliance standards.
