The Central Bank of Nigeria has dismissed rumours circulating on social media about the introduction of new or hidden charges for the Bank Verification Number, affirming that BVN enrolment for Nigerians living in the country remains completely free.
In a statement issued on Monday, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, clarified that the misinformation likely stemmed from the recent launch of the Non-Resident Bank Verification Number platform.
According to Mrs. Sidi Ali, the fee referenced in the online reports applies solely to the NRBVN system—a newly introduced service tailored for Nigerians living in the Diaspora.
She clarified that enrolling for the NRBVN comes with a modest fee of around $50, which is not a charge for the BVN itself but a recoverable cost to cover processing expenses associated with the service.
“This charge is for remote biometric and due diligence verification. It covers secure identity authentication, data handling, and the technology infrastructure needed to support the overseas enrolment process,” she said.
Before the introduction of the NRBVN, Nigerians in the Diaspora often paid as much as $200 to obtain a BVN abroad. The new system has significantly lowered that cost.
Mrs. Sidi Ali described the NRBVN as a voluntary, secure, and convenient solution that enables Nigerians living overseas to access banking services without having to travel back home.
She dismissed reports of excessive or hidden charges as misleading and inaccurate, urging the public to disregard such claims and rely solely on official sources for accurate information.
“The NRBVN is not a new tax or charge on Nigerians. It is a service innovation aimed at simplifying access to Nigeria’s financial system from anywhere in the world,” she reiterated.
The NRBVN platform, developed in partnership with the Nigeria Inter-Bank Settlement System, enables Nigerians in the Diaspora to enrol for a BVN from anywhere in the world without the need to visit a physical bank.
Through this platform, users can open domiciliary accounts in USD, GBP, and EUR, providing greater flexibility for investments and remittances.
It also features a “Remit Money” option that guides users through simple payment and transfer steps to send funds with ease.
