July 07, (THEWILL) — The Central Bank of Nigeria (CBN) has clarified misconceptions surrounding the charges associated with the recently launched Non-Resident Bank Verification Number (NRBVN) platform, affirming that no hidden fees have been introduced and that BVN enrolment for Nigerians residing in the country remains completely free.
In a statement issued on Friday in Abuja, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, explained that the reported charges apply solely to the new NRBVN initiative, which is designed specifically for Nigerians living abroad.
She emphasised that the fee—approximately $50—is not a charge for obtaining a BVN but a recoverable processing cost for remote biometric enrolment and due diligence verification.
She stated: “The associated $50 charge is strictly for processing, covering secure identity authentication, data handling, and the technology infrastructure required to support overseas enrolment.
“Previously, Nigerians in the Diaspora paid up to $200 for this process. The NRBVN system offers a more cost-effective, voluntary, secure, and convenient solution.”
Mrs. Sidi Ali dismissed recent social media reports suggesting the CBN had imposed new or excessive charges on Nigerians as inaccurate and misleading, urging the public to disregard them.
She stressed that the NRBVN is more than a one-off service, describing it as a foundational element in the CBN’s broader digital transformation agenda aimed at increasing access to financial services for Nigerians worldwide.
Developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN platform enables Nigerians in the Diaspora to remotely obtain a Bank Verification Number—allowing access to banking services from anywhere in the world, cutting down on travel costs, and ensuring secure transactions.
According to the CBN, the NRBVN removes logistical barriers and supports faster, more efficient financial inclusion in line with global best practices in digital identity management.
Mrs. Sidi Ali urged Nigerians to verify any information regarding the NRBVN through the official channels of the CBN and NIBSS to avoid being misled by misinformation.
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