…Clarifies NRBVN Charges, Dismisses Social Media Claims of Hidden Fees
The Central Bank of Nigeria (CBN) has debunked viral claims suggesting the introduction of hidden or excessive charges in the Bank Verification Number (BVN) enrolment process, especially as it relates to Nigerians living abroad.
In an official statement released by Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications, the apex bank reaffirmed that BVN registration within Nigeria remains entirely free, while clarifying that the recently launched Non-Resident BVN (NRBVN) platform—targeted at Nigerians in the diaspora—attracts only a modest processing charge.
“The NRBVN charge is a recoverable cost covering remote biometric verification and infrastructure. It is not a fee for obtaining a BVN,” Sidi-Ali said.
What Is the NRBVN Platform?
Launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN platform enables Nigerians in the diaspora to enroll for BVN remotely, eliminating the need to travel to Nigeria or designated physical locations.
The $50 charge, CBN explained, is strictly a processing fee for remote services such as:
- Biometric identity verification
- Due diligence and KYC compliance
- Secure data processing and digital infrastructure support
Before the NRBVN platform, many Nigerians abroad paid as much as $200 through third-party agents or intermediaries for BVN-related services.
“This is not a new fee. It is a reduced, regulated cost structure that improves access and aligns with our digital inclusion strategy,” the CBN spokesperson clarified.
CBN’s Broader Strategy: Driving Financial Inclusion Across Borders
The NRBVN initiative is part of the CBN’s digital transformation roadmap aimed at enhancing cross-border financial inclusion, improving identity authentication, and providing secure access to Nigerian banking services from any location in the world.
“The NRBVN is more than a one-time enrolment tool—it’s foundational to the broader financial ecosystem we are building for Nigerians globally,” Sidi-Ali said.
The platform is expected to:
- Streamline diaspora remittances and account openings
- Strengthen KYC compliance and fraud prevention across institutions
- Facilitate seamless access to savings, investment, and lending products
No Charges for Domestic BVN Enrolment
CBN reiterated that Nigerians residing within the country will continue to enjoy free access to BVN enrolment services at designated banks and accredited centres.
“The only individuals subject to the $50 charge are those opting for NRBVN enrolment from overseas. There are no hidden fees,” Sidi-Ali emphasized.
She also advised the public to rely only on official communication from CBN and NIBSS, warning against misleading content circulating on social media platforms.
BRANDECONOMY Insight: Trust, Tech, and the Global Nigerian
The NRBVN system is a strategic leap in financial infrastructure modernization, positioning Nigeria to compete globally in digital identity verification and diaspora banking solutions.
As over 15 million Nigerians live abroad, unlocking access to seamless banking via remote verification could drive:
- Higher remittance volumes
- Increased financial inclusion
- Broader participation in national development funds and diaspora investment products
For banking and fintech institutions, the NRBVN also creates new KYC rails and opportunities for innovation in digital onboarding, wealth management, and cross-border compliance.
