Nigerians living abroad can now apply for a Bank Verification Number (BVN) without travelling home, but it comes at a cost.
On May 13, the Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), launched the Non-Resident Bank Verification Number (NRBVN) platform. It requires the payment of $50 (approximately ₦80,000) fee for diaspora BVN registration.
The initiative is designed to enhance financial access and inclusion for Nigerians abroad by enabling remote BVN registration, removing the previous requirement of being physically present in Nigeria.
Olayemi Cardoso, governor of CBN, said the NRBVN is aimed at increasing financial inclusion, particularly for Nigerians living outside the country.
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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 Application
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.
Registration Fee
On the new portal, applicants are notified of a mandatory $50 (which is approximately N80,000) 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.
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.
