Abuja, Nigeria – The Central Bank of Nigeria (CBN) has firmly refuted claims of hidden charges associated with the newly launched Non-Resident Bank Verification Number (NRBVN) platform, affirming that BVN enrolment remains free for Nigerians residing within the country.
In a statement released on Monday, CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, addressed growing speculation on social media over alleged new fees, clarifying that the reported charges apply only to Nigerians in the diaspora who opt for the NRBVN service.
$50 Fee Explained for NRBVN
Sidi Ali explained that the $50 charge linked to the NRBVN is a recoverable processing fee covering the costs of remote biometric verification, secure identity authentication, data handling, and the required digital infrastructure.
She added that, “Nigerians in the diaspora previously paid up to $200 for similar services. This new rate is a substantial reduction and is not a charge for the BVN itself.”
The NRBVN is a voluntary platform, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), to provide a convenient and secure way for Nigerians abroad to access financial services without the need for travel.
No BVN Charges Within Nigeria
For Nigerians living in the country, the CBN emphasized that BVN enrolment continues to be completely free. Reports suggesting otherwise were described as “inaccurate and misleading.”
The NRBVN forms part of the CBN’s broader digital transformation agenda aimed at expanding financial access and aligning with global best practices in digital identity management.
Call for Public Vigilance
The CBN urged the public to verify any information regarding the NRBVN platform through official communication channels of the CBN and NIBSS to avoid misinformation.
“The NRBVN platform is more than a one-time project,” Sidi Ali added. “It is a foundational tool in our effort to ensure that every Nigerian, regardless of location, can access secure, modern banking services.”
