CBN Clarifies Non-Resident BVN Fee, Dispels Rumors

The Central Bank of Nigeria (CBN) has moved to clarify recent rumors surrounding the newly introduced Non-Resident Bank Verification Number (NRBVN) platform, reassuring the public that BVN enrollment for Nigerians within the country remains entirely free.

Mrs. Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communications, addressed the issue in Abuja, explaining that the approximately $50 fee recently reported in the media applies exclusively to Nigerians residing abroad who opt to enroll through the NRBVN platform. She clarified that this charge is not for obtaining the BVN itself, but rather a “recoverable processing cost” tied to the remote biometric and due diligence verification required for overseas enrollment.

Mrs. Sidi Ali highlighted that this fee supports secure identity authentication, data management, and the crucial technological infrastructure necessary for facilitating the overseas enrollment process. She further noted that Nigerians in the diaspora previously paid up to $200 for the same service, indicating that the current fee represents a significant reduction aimed at enhancing accessibility.

“The associated fee of $50 is strictly a processing charge for remote verification and not a payment for the BVN itself,” she reiterated. “The NRBVN system is a voluntary, secure, and convenient solution for Nigerians in the diaspora.”

She firmly dismissed reports circulating on social media as misleading and inaccurate, urging the public to disregard any claims suggesting the imposition of new or excessive charges on Nigerians. The NRBVN platform, she stressed, is an integral part of the CBN’s digital transformation strategy, designed to extend crucial financial services to Nigerians globally.

Developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN platform enables Nigerians living overseas to obtain a BVN without the need for a physical visit to a bank branch in Nigeria. This remote system facilitates access to banking services, significantly reduces travel costs, and supports secure transactions in line with international standards of digital identity management.

Mrs. Sidi Ali advised the public to seek information about the NRBVN initiative solely through official channels of the CBN and NIBSS to avoid misinformation.