CBN Clarifies BVN Charges: Enrolment Still Free for Nigerians at Home, $50 Fee Applies Only to Diaspora Service

The Central Bank of Nigeria (CBN) has addressed concerns circulating on social media about alleged new or hidden charges associated with Bank Verification Number (BVN) enrolment. In a statement issued on Monday, the CBN clarified that Nigerians residing within the country are not required to pay any fees to enroll for a BVN. The clarification followed a wave of misinformation linked to the introduction of a new system called the Non-Resident Bank Verification Number (NRBVN).

CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, explained that the $50 charge mentioned in online reports pertains only to the NRBVN—a digital service tailored for Nigerians living abroad. The fee, she stated, is not for the BVN itself but for covering the processing costs associated with secure biometric verification, due diligence, and the technology infrastructure supporting the overseas enrolment process.

Before the NRBVN platform, diaspora Nigerians reportedly paid up to $200 to obtain a BVN. The introduction of this system significantly reduces that cost while enabling remote access to Nigeria’s banking system. Mrs. Sidi Ali emphasized that the NRBVN is both voluntary and convenient, and allows users to register and access services without the need to travel home. She called on the public to disregard misleading reports and rely on official communication channels.

The NRBVN platform, developed in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), allows Nigerians abroad to complete BVN enrolment from anywhere in the world. This new system facilitates the opening of domiciliary accounts in foreign currencies such as USD, GBP, and EUR, thereby promoting ease of investment and remittance back to Nigeria. It also features a “Remit Money” function for direct fund transfers.

To ensure security, the NRBVN platform utilizes advanced biometric technology and complies with global Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. CBN noted that the initiative is part of its broader strategy to make financial services more accessible and secure for Nigerians globally. Users can expect streamlined processes, real-time support, and a more efficient experience when engaging with the Nigerian financial system from abroad.

Source: Nairametrics