The Central Bank of Nigeria (CBN) has firmly debunked claims circulating on social media regarding hidden charges associated with the Non-Resident Bank Verification Number (NRBVN) platform.
In an official statement, the apex bank clarified that there are no hidden fees attached to NRBVN transactions, and emphasized that BVN enrolment for Nigerians residing within the country remains completely free of charge.
Speaking on the matter, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, explained that the $50 fee referenced in recent reports is not a cost for acquiring a BVN but rather a recoverable processing fee. This nominal charge applies exclusively to the NRBVN service, which was specifically introduced to cater to Nigerians living abroad.
“This fee covers remote biometric capture, due diligence verification, secure identity authentication, data management, and technology infrastructure. Nigerians in the Diaspora previously paid as much as $200. The $50 fee is strictly for processing and not for the BVN itself,” she said.
She described the reports alleging the imposition of new or excessive charges on Nigerians as misleading and inaccurate, urging the public to disregard such misinformation.
Mrs. Sidi Ali further stated that the NRBVN is part of a broader digital transformation initiative designed to expand access to financial services for Nigerians globally. Launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN platform allows Nigerians abroad to enrol for a BVN remotely, eliminating the need for in-person visits and significantly reducing cost and time.
“The NRBVN is a voluntary, secure, and convenient system that aligns with global best practices in digital identity management,” she added.
She concluded by encouraging the public to verify all information concerning the NRBVN initiative through official channels of the CBN and NIBSS, cautioning against relying on unverified online sources.
