CBN Clarifies BVN Fee For Nigerians In Diaspora

The Central Bank of Nigeria (CBN) has clarified that there were no hidden charges connected with the recent launch of the non-resident bank verification number (NRBVN) platform for Nigerians in the diaspora.

The CBN, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), launched the NRBVN platform on May 13 to ease access to financial services for Nigerians in the diaspora.

According to NAN, the acting director of corporate communications at the CBN, Hakama Sidi-Ali, issued a statement on Sunday regarding the fees, saying that BVN enrollment for Nigerians residing in the country remains free.

Sidi-Ali said the $50 fee being reported applies only to the NRBVN, which is explicitly designed for Nigerians living outside the country.

“The nominal charge of approximately 50 dollars is not a fee for obtaining a BVN, but a recoverable processing cost for remote biometric and due diligence verification,” she said.

“This cost covers secure identity authentication, data handling and technology infrastructure required to support the overseas enrolment process.

“Nigerians in the Diaspora previously paid 200 dollars. The associated fee of 50 dollars is strictly a processing charge for remote verification and not a payment for the BVN itself.”

Sidi-Ali also said the NRBVN system is a voluntary, secure, and convenient solution for Nigerians in the diaspora to obtain a BVN remotely.

She dismissed social media reports suggesting that the apex bank has introduced new or excessive charges as “inaccurate and misleading”, adding that such claims should be disregarded.

“The NRBVN is more than just a one-time initiative; it forms the foundation of the Bank’s broader digital transformation strategy aimed at improving and expanding access to financial services for Nigerians globally,” she added.

“The platform, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), marks a transformative step in enabling Nigerians living overseas to obtain a Bank Verification Number remotely.

“With this system, Nigerians can access banking services from anywhere, saving time and travel costs while ensuring safe and secure transactions.”

Sidi-Ali said the NRBVN would eliminate barriers to banking access by providing a faster, more efficient alternative that aligns with global best practices in digital identity management.

The CBN spokesperson urged the public to verify all information about the NRBVN through official communication channels of the CBN and NIBSS.