Explainer: How the new CBN Diaspora NRBVN works 

The NIBSS  first mooted the idea of the NRBVN at a parley with diaspora Nigerians in 2024, promising it would address the challenges of account opening in Nigeria.

Essentially, with this initiative, the CBN wants to extend financial services to millions of Nigerians abroad by removing the longstanding structural barriers that have historically constrained diaspora participation in the domestic economy.

The NRBVN is a solution that enables Nigerians living in diaspora to enrol for BVN from anywhere in the world without visiting a physical bank.

This allows them to open domiciliary accounts in USD, GBP, and EUR, offering flexibility for investments and remittances.

The NRBVN platform allows users to remit funds by selecting the “Remit Money” option and following the payment and transfer steps.

According to NIBSS, the advanced biometric verification and strict adherence to global KYC and AML regulations on the platform ensure secure transactions.

The initiative promises users hassle-free account opening and fund transfers with streamlined processes and real-time support.

Registration and account opening under this initiative are done through the NRBVN website: www.nrbvn.com.

To register, users will need to submit their ID, biodata information, and KYC documents (e.g., utility bills, bank statements, etc.). They will also undergo a liveness check for verification.

Documents required for registration include:  

Once all the required information and documents are provided, the NRBVN system will validate and screen the information. Once approved, an NRBVN will be provided within 72 hours.

To get an NRBVN, the intending applicant is to visit www.nrbvn.com, click loginand then click sign up below the login page.

After inputting that information, you will be required to get a verified QR code from Google Authenticator.

Unlike the locally available BVN, registration for the NRBN is not free. Checks by Naijaonpoint reveal that the registration costs $50, about N80,000.

Unlike the locally available BVN, registration for the NRBN is not free. Checks by Naijaonpoint reveal that the registration costs $50, about N80,000.

After obtaining the NRBVN, remittance services on the platform also attract a fee, and according to the NIBSS, all fees will be displayed during the transaction process on the platform.

However, there may be limits on remittance based on local regulations and the policies of the receiving bank. NIBSS said details of such limits, where they exist, are provided during the transaction process.

Bottomline 

The NRBVN is, no doubt, a major milestone in the CBN’s efforts to expand financial inclusion and integrate the Nigerian diaspora into the country’s economic activities.

While this makes it easy and more convenient for Nigerians abroad to send money to their loved ones at home, it is bound to increase remittance inflows into Nigeria and enhance financial inclusion for Nigerians abroad.