CBN dismissed reports circulating on social media as misleading and inaccurate, advising the public to disregard claims.
Nigeria's Central Bank of Nigeria (CBN) has reacted to rumours surrounding the newly introduced Non-Resident Bank Verification Number (NRBVN) platform.
According to the CBN, there are no hidden charges and that BVN enrolment for Nigerians residing within the country remains entirely free.
Speaking in Abuja, the bank’s acting director of corporate communications, Mrs. Hakama Sidi Ali, explained that the fee recently reported in the media applies solely to Nigerians living abroad who choose to enrol through the NRBVN platform. She clarified that the approximately $50 charge is not a fee for obtaining a BVN, but a recoverable processing cost tied to remote biometric and due diligence verification.
Mrs. Sidi Ali highlighted that the charge supports secure identity authentication, data management, and the technological infrastructure needed to facilitate the overseas enrolment process. She noted that Nigerians in the diaspora previously paid up to $200 for the same service, and the current fee reflects a reduction designed to enhance accessibility.
“The associated fee of $50 is strictly a processing charge for remote verification and not a payment for the BVN itself,” she stated. “The NRBVN system is a voluntary, secure, and convenient solution for Nigerians in the diaspora.”
She dismissed reports circulating on social media as misleading and inaccurate, advising the public to disregard claims that suggest the imposition of new or excessive charges on Nigerians. The NRBVN platform, she stressed, is a critical part of the CBN’s digital transformation strategy aimed at extending financial services to Nigerians globally.
Developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN platform enables Nigerians overseas to obtain a BVN without physically visiting a bank branch in Nigeria. The remote system facilitates access to banking services, reduces travel costs, and supports secure transactions in line with international standards of digital identity management.
Mrs. Sidi Ali encouraged the public to seek information about the NRBVN initiative only through official channels of the CBN and NIBSS.