The Central Bank of Nigeria (CBN) has addressed recent social media rumours suggesting the introduction of new or hidden fees related to the Bank Verification Number (BVN) system. The bank confirmed that BVN enrolment remains completely free for Nigerians residing within the country.
In a statement issued on Monday, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, clarified the matter in response to concerns about charges linked to the recently launched Non-Resident Bank Verification Number (NRBVN) platform.
Mrs. Sidi Ali explained that the reported fee applies solely to the NRBVN system, which is specifically designed for Nigerians living abroad.
She further noted that the NRBVN enrolment involves a nominal processing fee of about $50. This charge is not for obtaining a BVN itself but is a recoverable cost associated with processing the enrolment outside Nigeria.
“This charge is for remote biometric and due diligence verification. It covers secure identity authentication, data handling, and the technology infrastructure needed to support the overseas enrolment process,” she said.
Before the introduction of the NRBVN, Nigerians in the Diaspora were paying up to $200 to obtain a BVN abroad. With the new system, the cost has been significantly reduced.
Mrs. Sidi Ali emphasised that the NRBVN is a voluntary, secure, and convenient solution that allows Nigerians abroad to access banking services without the need to travel home.
Dismissing the reports of excessive or hidden charges as misleading and inaccurate, she urged the public to ignore such claims and rely only on official channels for accurate information.
“The NRBVN is not a new tax or charge on Nigerians. It is a service innovation aimed at simplifying access to Nigeria’s financial system from anywhere in the world,” she reiterated
The NRBVN platform, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), enables Nigerians living in diaspora to enroll 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.
