Victor EzejaThe Central Bank of Nigeria (CBN) has addressed concerns raised regarding purported hidden charges attached to the newly launched Non-Resident Bank Verification Number (NRBVN) platform.
The apex bank affirmed that no hidden fees have been introduced and that the BVN enrolment for Nigerians residing within the country remains entirely free of charge.
Join our WhatsApp ChannelCBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, explained that the fee cited in the reports circulating on social media is strictly a processing charge for remote verification of and not a payment for the BVN itself.
According to her, the nominal $50 fee is not for obtaining a BVN, but rather a recoverable processing cost for remote biometric and due diligence verification. This cost, she explained, includes secure identity authentication, data handling, and the technology infrastructure needed to support the overseas enrollment process.
The clarification follows rumours circulated online claiming the CBN had introduced hidden fees for BVN enrollment.
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Sidi-Ali, who described the rumours as inaccurate and misleading, advised that they should be ignored.
He pointed out that Nigerians in the diaspora had previously paid not less than $200 for BVN enrollment.
“Nigerians in the Diaspora previously paid $200. The associated fee of $50 is strictly a processing charge for remote verification and not a payment for the BVN itself,” the CBN spokesperson stated, adding that “the NRBVN system is a voluntary, secure and convenient solution for Nigerians in the diaspora.”
She added that the NRBVN is more than just a one-time initiative. According to her, it forms the foundation of the Bank’s broader digital transformation strategy aimed at improving and expanding access to financial services for Nigerians worldwide.
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The NRBVN platform, developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), represents a significant step forward in allowing Nigerians living abroad to obtain a Bank Verification Number remotely.
This system allows Nigerians to access banking services from any location, saving time and money on travel while ensuring safe and secure transactions.
The NRBVN solution breaks down barriers by offering a faster, more efficient alternative that is consistent with global best practices in digital identity management.
Sidi Ali urged the public to verify all information about the NRBVN through the CBN and NIBSS’ official communication channels.
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.
