•CBN Governor Yemi Cardoso
The Central Bank of Nigeria (CBN) has confirmed the process of enrolling for the Bank Verification Number (BVN) remains completely free for Nigerians residing within the country.
This clarification comes in response to recent speculations and reports suggesting that new charges had been introduced following the launch of the Non-Resident Bank Verification Number (NRBVN) platform for Nigerians abroad, reports The Nation.
Speaking in Abuja, the Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, noted the fee mentioned in some media outlets is tied exclusively to the new NRBVN initiative.
This service, she said, was developed specifically for Nigerians living in the Diaspora, allowing them to obtain a BVN remotely without travelling back to Nigeria.
Ali explained that the NRBVN comes with a nominal charge of about $50.
She clarified that this amount is not a payment for obtaining a BVN itself but a recoverable processing cost that covers expenses related to remote biometric capture, secure identity verification, data handling and the technological systems needed to support the overseas enrolment process.
According to her, Nigerians abroad were previously paying around $200 to complete the BVN enrolment process. With the launch of the NRBVN platform, the cost has been reduced to approximately $50, which is applied strictly as a processing fee.
“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 system remains voluntary, secure and user-friendly for Nigerians outside the country.
Ali also dismissed claims circulating on social media suggesting the introduction of new or excessive charges as inaccurate and misleading.
She advised members of the public to disregard such reports and instead rely on verified information from the CBN and its partner, the Nigeria Inter-Bank Settlement System (NIBSS).
Beyond cost considerations, Mrs. Sidi Ali described the NRBVN as an important part of the CBN’s ongoing digital transformation strategy. The initiative is designed to make financial services more accessible to Nigerians worldwide by removing logistical barriers and simplifying the process of securing a BVN from anywhere in the world.
By working closely with NIBSS, the CBN said it has created a platform that allows Nigerians abroad to seamlessly register for a BVN remotely.
This advancement means they can access a full range of banking services without the need for physical presence in Nigeria, thereby saving both time and travel expenses while maintaining secure transactions.
The introduction of the NRBVN aligns with international best practices in digital identity management, offering a faster and more efficient alternative that supports financial inclusion goals.
Ali urged Nigerians, both at home and abroad, to confirm any information regarding the NRBVN only through official communication channels provided by the CBN and NIBSS.
