The Central Bank of Nigeria (CBN) has dismissed circulating reports alleging hidden or excessive fees tied to the recently launched Non-Resident Bank Verification Number (NRBVN) platform, clarifying that the only cost associated is a one-time processing charge of $50 — not a payment for the BVN itself.
In a statement issued Sunday, Hakama Sidi-Ali, acting director of corporate communications at the CBN, emphasized that the fee is a nominal, recoverable cost covering the logistical demands of remote biometric verification and identity authentication for Nigerians living abroad.
“The $50 charge is not for acquiring a BVN. It’s a processing fee that accounts for data security, due diligence, and technology infrastructure needed to facilitate overseas enrolment,” said Sidi-Ali.
The NRBVN platform was introduced on May 13 through a partnership between the CBN and the Nigeria Inter-Bank Settlement System (NIBSS), aimed at easing access to financial services for Nigerians in the diaspora.
Before the platform’s launch, diaspora Nigerians reportedly had to pay as much as $200 for similar services.
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Sidi-Ali reiterated that Nigerians residing within the country still enjoy free BVN registration, and she encouraged the public to disregard social media narratives suggesting otherwise.
“The NRBVN is a secure, voluntary tool designed for Nigerians outside the country to access banking services seamlessly,” she added. “It reflects our broader digital transformation efforts to ensure global financial inclusion for all citizens.”
The CBN also assured that the NRBVN platform complies with international standards in digital identity verification and positions the country for more innovative banking solutions in the near future.
The public is advised to rely solely on official CBN and NIBSS communication channels for accurate updates regarding the NRBVN program.