Nigerians living abroad are now required to pay $50 (about N80,000) to register for the bank verification number (BVN), according to findings by TheCable.
The Central Bank of Nigeria (CBN) has introduced a $50 fee for diaspora Nigerians registering for the Bank Verification Number (BVN) through its new Non-Resident BVN (NRBVN) platform. Launched on May 13 in collaboration with NIBSS, the system enables remote enrollment, eliminating the need for physical presence in Nigeria.
CBN Governor Olayemi Cardoso stated the NRBVN aims to boost financial inclusion for Nigerians abroad. Applicants can register via https://nibss-plc.com.ng/nrbvn/ using a valid email, after which they receive an activation link to create an account password. The move follows years of complaints about BVN access challenges for the diaspora.
While the $50 cost has sparked mixed reactions, the CBN emphasizes the platform’s convenience. Previously, Nigerians overseas had to return home or visit Nigerian embassies for BVN registration. The NRBVN is part of broader reforms to modernize banking services and integrate diaspora remittances into Nigeria’s formal financial system.
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