The Central Bank of Nigeria (CBN) has dismissed claims of hidden charges in the Bank Verification Number (BVN) process, assuring Nigerians that the enrolment remains free for residents in the country. The clarification came amid growing concerns online over reports suggesting new or excessive fees were being introduced by the apex bank.
In a statement issued by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank explained that the recently launched Non-Resident Bank Verification Number (NRBVN) platform is the only initiative that attracts a processing charge — not the regular BVN for Nigerians living within the country.
She stated that the NRBVN system, designed exclusively for Nigerians in the Diaspora, involves a nominal processing fee of about $50. However, she stressed that this is not a payment for obtaining a BVN, but rather a cost recovery measure covering the infrastructure and processes required to enrol Nigerians abroad.
According to her, “The fee applies only to the NRBVN initiative and should not be misinterpreted as a general BVN charge. BVN enrolment for residents in Nigeria remains completely free.” She also noted that the $50 fee is a reduction from the $200 previously paid by Nigerians in the Diaspora for similar services.
The NRBVN initiative, which was launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), is part of CBN’s broader digital transformation strategy to extend financial services to Nigerians globally. It is intended to make it easier for Nigerians living abroad to obtain a BVN without travelling back home. Through secure digital channels, Nigerians can enrol for their BVN, verify their identity, and gain access to banking services from anywhere in the world.
Mrs. Sidi Ali added that the $50 fee covers secure remote biometric verification, identity authentication, data management, and technology infrastructure, all of which are necessary for the safe processing of NRBVN registrations from overseas. “The associated fee is strictly for processing and is in line with global best practices in digital identity services,” she stated.
She emphasised that the NRBVN is a voluntary service meant to ease the financial and logistical burden of travelling to Nigeria for BVN enrolment. “The platform is a secure and convenient solution that saves Nigerians in the Diaspora both time and money,” she said.
Mrs. Sidi Ali further urged Nigerians to disregard misleading social media claims suggesting that the CBN is imposing new or secret charges. “Reports suggesting otherwise are inaccurate and should be dismissed,” she said, calling on the public to confirm all BVN-related information through official CBN and NIBSS channels.
According to her, the NRBVN is more than a simple identity registration exercise — it is a strategic part of the CBN’s efforts to enhance financial inclusion, promote safer transactions, and foster seamless access to Nigeria’s financial system for citizens living abroad.
Financial experts believe that the rollout of NRBVN could significantly improve remittance processes and enhance financial participation of Nigerians in the Diaspora. It could also help in tightening fraud prevention and identity management in the financial sector.
The BVN, introduced in 2014, is a unique identity number that links a customer’s bank accounts in Nigeria and helps curb identity theft, fraud, and unauthorised access. With over 60 million enrollees so far, the BVN is now a vital part of banking operations in the country. The extension of this initiative through the NRBVN marks a critical step towards ensuring that all Nigerians, regardless of location, are part of the country’s formal financial ecosystem.
The CBN has encouraged Nigerians in the Diaspora to take advantage of the NRBVN platform and advised them to avoid unofficial channels or unverified third-party agents. Official enrolment centres, according to the Bank, can be found on the CBN and NIBSS websites.
