CBN Clarifies Non-Resident BVN Charges
…Affirms Free BVN for Domestic Users
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has moved to clear up recent speculations about fees for its newly launched Non-Resident Bank Verification Number (NRBVN) platform.
The apex bank stated that no hidden charges have been introduced and confirms that obtaining a BVN for Nigerians living within the country remains entirely free of charge.
Making the clarification in Abuja, Mrs. Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications, explained that the fee referenced in recent reports applies solely to the recently introduced NRBVN initiative. This service is specifically designed for Nigerians residing in the Diaspora.
According to Mrs. Sidi Ali, the nominal charge of approximately $50 is not a fee for acquiring a BVN itself, but rather a recoverable processing cost. This cost, she noted, covers the expenses associated with remote biometric and due diligence verification. It also accounts for secure identity authentication, data handling, and the technology infrastructure required to support the overseas enrollment 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. She added that “the NRBVN system is a voluntary, secure and convenient solution for Nigerians in the diaspora,” providing a streamlined way for them to access banking services without the need to travel home.
Speaking further, Mrs. Sidi Ali described the reports circulating on social media that suggest the imposition of new or excessive charges on Nigerians as inaccurate and misleading. She advised the public to disregard such claims, directing them instead to official communication channels for verified information.
She also clarified that the NRBVN is more than just a one-time initiative; it forms a foundational element of the Bank’s broader digital transformation strategy. This strategy aims to improve and expand access to financial services for Nigerians globally, connecting them more seamlessly with the domestic financial system.
The NRBVN platform, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), represents a transformative step. It enables Nigerians living overseas to obtain a Bank Verification Number remotely, which in turn allows them to access banking services from anywhere.
This innovation saves time and travel costs while ensuring safe and secure transactions. The NRBVN solution eliminates existing barriers by providing a faster, more efficient alternative that aligns with global best practices in digital identity management.
Mrs. Sidi Ali therefore urged the public to verify all information related to the NRBVN through the official communication channels of the CBN and NIBSS to ensure they receive accurate and reliable updates.
