Diaspora Nigerians Must Now Pay $50 for BVN Registration via New CBN Portal
Nigerians living abroad will now have to pay a non-refundable fee of $50 to register for the Bank Verification Number (BVN), following a major shift in Central Bank of Nigeria (CBN) policy. This new requirement, discovered by TheCable, marks a significant development in efforts to improve financial access for citizens outside the country.
On May 13, the CBN, in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), officially launched the Non-Resident Bank Verification Number (NRBVN) platform—an online portal designed to eliminate the need for Nigerians in the diaspora to physically return home for BVN enrollment.
CBN Governor Olayemi Cardoso highlighted that the NRBVN is a strategic move to deepen financial inclusion and streamline access to Nigeria’s financial ecosystem for its global citizens. “This initiative removes barriers and provides secure, digital access for Nigerians abroad,” Cardoso said during the launch.
Eligible users can register via the platform at https://nibss-plc.com.ng/nrbvn/. The process begins by signing up with a recognised email address, after which a confirmation link is sent for account activation and password creation.
Applicants then scan a QR code using a two-factor authentication (2FA) app, such as Google Authenticator, to proceed. They are then given the option to onboard, open a bank account, or remit money. Registrants must select their status: “Nigerian, no BVN,” “Nigerian, BVN,” or “Nigerian by descent.”
To complete the process, a valid passport is the primary document required. In its absence, applicants may submit a Nigerian passport (valid or expired), proof of foreign residency (such as a green card or residence permit), utility bills, proof of employment, tax documents, or foreign bank statements.
The Cost: ₦80,000 Registration Fee
Unlike the free BVN registration available to Nigerians within the country, diaspora applicants must pay a $50 non-refundable processing fee. The payment is handled via a secure Tazapay checkout page, which accepts Visa and Mastercard.
With the naira currently trading at approximately ₦1,600 to the dollar, the fee translates to around ₦80,000—sparking mixed reactions among Nigerians overseas, many of whom feel the steep cost could become a barrier.
The new system is expected to enhance Know Your Customer (KYC) compliance and help curb identity fraud, a pressing concern amid rising scrutiny of fintech, foreign exchange transactions, and diaspora remittances.
CBN officials say that once all documents are submitted and payments confirmed, users can expect to receive their NRBVN within 72 hours. This offers a fast and secure alternative to the cumbersome in-person process.
