Victor EzejaThe Central Bank of Nigeria (CBN) has introduced the Non-Resident Bank Verification Number (NRBVN) as part of efforts to strengthen financial inclusion and enhance banking services for Nigerians in the diaspora.
The initiative, which was launched in Abuja on Tuesday, aims to simplify access to banking for Nigerians living abroad, increase investment opportunities, and stimulate remittance flows into the country.
Join our WhatsApp ChannelThe CBN deputy governor for economic strategy, Muhammad Sani Abdullahi, who spoke during the launch of the non-resident BVN described it as a game changer in closing the gap between Nigeria’s global citizens and the local financial system.
According to him, “The NRBVN is more than just a technological innovation, it is a bold reaffirmation of our commitment to financial inclusion, economic resilience, and national pride.”
Abdullahi noted that the global Nigerian community is large, resourceful, and closely linked to the country’s development story.
Who are the beneficiaries?
Nigerians living abroad who do not have a National Identification Number (NIN) but require a BVN to operate Nigerian bank accounts.
The unveiling of the NRBVN initiative comes at a time when remittances have become an important aspect of foreign inflow for Nigeria, accounting for over $20 billion annually.
Eligibility for NBRV and Registration Process
It is open to Nigerians in the diaspora who do not have a BVN or NIN.
– Applicants must be 16 years or older.
The registration can be done at selected Nigerian embassies and foreign branches of Nigerian banks.
Approved foreign branches of Nigerian banks (e.g., UBA, Zenith, First Bank in diaspora locations), and some partner financial institutions may also offer BVN enrollment.
This reduces the need for physical presence at the Nigerian bank branches.
Required Documents
– Valid international passport.
– Proof of address (utility bill, residence permit, or bank statement from host country).
– A recent passport photograph.
– Visa or residence permit (for verification).
Biometric Capture
– Fingerprints and facial photograph will be taken at the registration center.
Submission & Confirmation
– After registration, you will receive a BVN slip or an email/SMS notification.
– The BVN is linked to all your Nigerian bank accounts and can be used immediately.
Processing Time
– Typically 4–48 hours after biometric capture.
Security feature
The BVN remains a unique identifier, helping to curb fraud and improve transparency in financial transactions.
A Boost to Diaspora Banking and Remittances
This initiative, according to experts, would facilitate seamless remittances, investments, and other banking activities for Nigerians abroad.
With the initiative, they can now open and operate accounts more efficiently, supporting the inflow of foreign exchange.
Key Benefits
The initiative enables easy remittances, investments, and account opening in Nigerian banks.
It serves as a valid ID for financial transactions and reduces fraud risks in cross-border banking.
Financial Inclusion: Expands access to banking services for the diaspora community.
Anti-fraud Measures: Strengthens identity verification for cross-border transactions.
This move aligns with the CBN’s broader strategy to leverage digital identity systems for economic growth and diaspora engagement.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
