CBN clarifies NRBVN charges for Nigerians in diaspora, reaffirms commitment to financial inclusion
Abdullateef Fowewe
The Central Bank of Nigeria (CBN) has addressed recent concerns about fees associated with the newly launched Non-Resident Bank Verification Number (NRBVN) platform, emphasising that no hidden charges have been introduced.
The CBN reiterated that BVN enrollment for Nigerians residing within the country remains completely free of charge.
CBN spokesperson, Sidi Ali, explained in a statement made available for Dailyeconomy on Monday that “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.
“This cost covers secure identity authentication, data handling, and the technology infrastructure required to support the overseas enrolment process.”
She further clarified, “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,” she stated, adding that “the NRBVN system is a voluntary, secure and convenient solution for Nigerians in the diaspora.”
Addressing misinformation circulating on social media, Ali stated, “Reports suggesting the imposition of new or excessive charges on Nigerians are inaccurate and misleading. We advise the public to disregard such claims.”
Highlighting the strategic importance of the initiative, she added, “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.”
Launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN platform represents a transformative step in enabling Nigerians living overseas to obtain a Bank Verification Number remotely.
This system allows Nigerians to access banking services from anywhere, saving time and travel costs while ensuring safe and secure transactions.
Ali concluded by urging the public to “verify all information related to the NRBVN through the CBN and NIBSS’ official communication channels” to avoid misinformation.
This initiative aligns with global best practices in digital identity management and underscores the CBN’s commitment to financial inclusion for all Nigerians, regardless of their location.
