CBN Imposes $50 Charge On Non-Resident BVN

The Central Bank of Nigeria (CBN) has announced a nominal charge of approximately $50 on the recently launched Non-Resident Bank Verification Number (NRBVN) initiative, a service designed specifically for Nigerians living in the Diaspora.

The CBN said the charge is not a fee for obtaining a BVN, but rather a recoverable processing cost for remote biometric and due diligence verification.

The bank’s acting director of corporate communications, Mrs. Hakama Sidi Ali, explained that the fee referenced in the reports applied solely to the NRBVN.

She said cost covered secure identity authentication, data handling, and technology infrastructure required to support the overseas enrolment process.

“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,” she stated, adding that “the NRBVN system is a voluntary, secure and convenient solution for Nigerians in the diaspora.”

She affirmed that no hidden fees had been introduced and that the BVN enrolment for Nigerians residing within the country remained entirely free of charge.

She described the reports circulating on social media as suggesting the imposition of new or excessive charges on Nigerians as inaccurate and misleading, and advised that they should be disregarded.

She added that the NRBVN was more than just a one-time initiative, saying it formed the foundation of the bank’s broader digital transformation strategy aimed at improving and expanding access to financial services for Nigerians globally.

The NRBVN 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. The NRBVN solution eliminates barriers by providing a faster, more efficient alternative that aligns with global best practices in digital identity management.