The Central Bank of Nigeria, CBN, has dismissed rumours of hidden charges in the recently launched Non-Resident Bank Verification Number (NRBVN) platform, insisting that no hidden fees were introduced.
The Apex bank also clarified that the BVN enrolment for Nigerians residing within the country remains entirely free of charge.
The Bank’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, who made the clarification in a statement, explained that the nominal charge of $50 is not a fee for obtaining a BVN, but rather a recoverable processing cost for remote biometric and due diligence verification.
She said it covers 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 further 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 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.
”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, she explained.
”The NRBVN solution eliminates barriers by providing a faster, more efficient alternative that aligns with global best practices in digital identity management”.
Sidi Ali, then urged the public to verify all information related to the NRBVN through the CBN and NIBSS’ official communication channels.
