The central bank of Nigeria in Collaboration with Nigeria Inter-Bank Settlement System Plc Launches The Non Resident Bank Verification Number by December 2024 and Many Nigeria diaspora have questions on how it works and how to get it, these are possible questions you may have about NRBVN and Their answers.
1) What is NRBVN?
ANSWER: NRBVN stands for Non-resident Bank Verification Number, a solution to help Nigerians in diaspora and foreign investors to enroll and obtain BVNs remotely
2) Who are the target Audience for NRBVN?
ANSWER: Nigerians living abroad without a BVN, Nigerians with a BVN but without an account, and non-resident foreign investors without a BVN.
3) How do I enroll for NRBVN
ANSWER: Diaspora can register via the NRBVN platform (nrbvn.com) by submitting A valid ID document (such as a passport or national ID card).
Proof of residency status (utility bills, lease agreements, or government-issued residency documents).
Work ID or employment confirmation letter (for verification of occupation).
Reference letter from a recognized financial institution (where applicable).
Proof of income or tax return documents (optional for additional verification).
4) what is the benefits of using NRBVN
ANSWER: NRBVN provides easy access to financial services, enhances remittances, and offers investment opportunities. Additional benefits include: increased remittance inflows into Nigeria and enhanced financial inclusion for Nigerians abroad.
5) How long does registration and NRBVN Issuance take ?
ANSWER: 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.
6) Is NRBVN available globally or only in specific countries?
ANSWER:NRBVN is accessible to Nigerians in diaspora and foreign investors globally, provided they have internet access to the platform.
7)What types of accounts can I open through NRBVN?
ANSWER: NRBVN supports domiciliary accounts in foreign currencies (USD, GBP & EUR), which can be used for investment and remittance purposes.
8) What is the KYC & AML Process for NRBVN
ANSWER: The NRBVN KYC & AML process includes customer identification using documents (e.g., passports, ID cards, utility bills), Customer Due Diligence (CDD) to verify source of funds and business activities, address verification and Enhanced Due Diligence (EDD) for high-risk customers or PEPs. It also involves ongoing monitoring of transactions for suspicious activities. Automated sanctions screening checks against lists like OFAC and UN in real-time, with false-positive management. NRBVN also partners with international bodies for global AML compliance.
9) What are the fees for using NRBVN services?
ANSWER: Fees related to account opening and remittance services are transparent and displayed during the transaction process on the platform.
10) Can I open a bank account through NRBVN?
ANSWER: Yes, you can open a bank account through NRBVN by selecting your preferred bank, and the platform will facilitate the account opening process. You will need to pass through enhanced KYC checks, including verification of identity documents, proof of address and employment status. NRBVN complies with Nigeria’s strong financial regulatory framework, ensuring that each application is reviewed in line with global KYC standards.
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