By Abdullahi Mukhtar Algasgaini
The Central Bank of Nigeria (CBN) has introduced a remote Bank Verification Number (BVN) registration for Nigerians living abroad, but at a cost of $50 (N80,000).
The new Non-Resident BVN (NRBVN) platform, launched in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), allows diaspora Nigerians to register without visiting Nigeria.
While BVN registration is free for Nigerians at home, those abroad must pay the fee to access the service.
Applicants must provide documents such as a Nigerian passport, proof of foreign residency, and a utility bill. The process includes identity verification and a liveness test.
The move aims to boost financial inclusion and remittances, with the CBN targeting $1 billion in monthly diaspora inflows.
However, reactions are mixed—some see the fee as reasonable compared to travel costs, while others call it an unfair revenue tactic.
The NRBVN platform also offers access to investment accounts and financial services, with repatriation options for diaspora investors.investor.