The Central Bank of Nigeria (CBN) has dismissed claims of introducing new charges for Bank Verification Number (BVN) enrolment.
This was made known in a statement issued on Monday on the apex bank’s official X handle .
As against the recent speculations regarding the charges, CBN explained that it only applies to the newly launched Non-Resident Bank Verification Number (NRBVN) platform.
The apex bank maintained tthat no hidden fees have been introduced and that the BVN enrolment for Nigerians residing within the country remains entirely free of charge.
Making the clarification in Abuja on Friday, the Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, reiterated that the fee referenced in the reports applies solely to the recently launched Non-Resident BVN (NRBVN) initiative, a service designed specifically for Nigerians living in the Diaspora.
According to her, 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.
She noted that the cost covers secure identity authentication, data handling, and technology infrastructure required to support the overseas enrolment process.
“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,
“The NRBVN system is a voluntary, secure and convenient solution for Nigerians in the diaspora.” she stated.
Speaking further, she described the reports circulating on social media as suggesting the imposition of new or excessive charges on Nigerians as inaccurate and misleading, and advised that they should be disregarded.
She added that 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.
According to the statement, the NRBVN platform, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), marks a transformative step in enabling Nigerians living overseas to obtain a Bank Verification Number remotely.
With this system, Nigerians can access banking services from anywhere, saving time and travel costs while ensuring safe and secure transactions. The NRBVN solution eliminates barriers by providing a faster, more efficient alternative that aligns with global best practices in digital identity management.
Mrs. Sidi Ali, therefore, urged the public to verify all information related to the NRBVN through the CBN and NIBSS’ official communication channels.
