CBN Clarifies NRBVN Fees for Nigerians Abroad, Emphasises Free BVN Enrollment for Residents

By Angel.Ike.

The Central Bank of Nigeria (CBN) has addressed recent rumors concerning fees associated with the newly introduced Non-Resident Bank Verification Number (NRBVN) platform.

The bank clarified that no hidden or additional charges have been imposed on Nigerians residing within the country, where BVN enrollment remains completely free of charge.

In a statement, the Bank’s Acting Director of Corporate Communications, Hakama Sidi Ali, explained that the fee mentioned in some reports applies exclusively to the NRBVN service, which is tailored for Nigerians living in the Diaspora, explaining that this nominal fee covers the cost of remote biometric verification and due diligence processes necessary for secure identity authentication.

According to her, the nominal charge of approximately $50 is not a fee for obtaining a BVN, but rather a recoverable processing cost for remote biometric and due diligence verification.

She noted that this cost covers secure identity authentication, data handling, and technology infrastructure required to support the overseas enrolment process.

She said, “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,”

“The NRBVN system is a voluntary, secure and convenient solution for Nigerians in the diaspora.”

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 said 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.

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

Sidi-Ali, therefore, urged the public to verify all information related to the NRBVN through the CBN and NIBSS’ official communication channels.