The Central Bank of Nigeria (CBN) has addressed concerns regarding alleged hidden fees tied to the newly introduced Non-Resident Bank Verification Number (NRBVN) platform, confirming that there are no concealed charges.
The Central Bank of Nigeria (CBN) headquarters in Abuja, where policies like the NRBVN platform for Nigerians abroad are managed.
Launched on May 13 in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), the CBN introduced the NRBVN to simplify financial access for Nigerians living abroad. According to a statement by Hakama Sidi-Ali, Acting Director of Corporate Communications at the CBN, enrollment for residents in Nigeria remains entirely free.
Sidi-Ali explained that the reported $50 charge applies solely to Nigerians in the diaspora and is not a fee for obtaining a BVN. Instead, she noted, it is a recoverable cost for remote biometric enrollment and due diligence.
“The nominal charge of approximately $50 is strictly a processing cost. It covers secure identity authentication, data handling, and the tech infrastructure necessary for remote registration,” said the CBN official.
She emphasized that the previous cost for Nigerians abroad was $200, making the new fee a significantly reduced and fairer option. The CBN clarified that the NRBVN system is entirely voluntary and provides a secure, user-friendly method for diaspora Nigerians to enroll without needing to travel.
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Dismissing circulating claims on social media that accuse the CBN of imposing new or exorbitant charges, Sidi-Ali labeled such reports as “false and misleading.” She encouraged the public to rely only on official CBN or NIBSS communications for accurate updates.
They described the NRBVN as a foundational part of its broader digital transformation strategy aimed at expanding global financial access for Nigerians. The platform is expected to reduce banking barriers, save users time and costs, and align with international standards in digital identity management.
The CBN urged all interested individuals to seek accurate information through verified official channels and not to fall for misinformation regarding the NRBVN process.
They clarified that the $50 charge for the NRBVN is not a hidden fee but a processing cost for Nigerians abroad, ensuring secure and remote BVN registration.
