The Central Bank of Nigeria (CBN) has debunked widespread rumours circulating online suggesting the introduction of hidden charges on the Bank Verification Number (BVN) process. The apex bank has made it clear that BVN registration within Nigeria remains completely free for residents.
The clarification was issued on Monday by the bank’s Acting Director of Corporate Communications, Hakama Sidi Ali, in response to growing speculation linking new fees to the BVN system, particularly following the recent rollout of the Non-Resident Bank Verification Number (NRBVN) service.
Sidi Ali explained that the NRBVN platform designed specifically for Nigerians living outside the country attracts a modest processing fee of around $50, which covers the cost of remote biometric verification and due diligence procedures. She stressed that this fee is not applicable to residents in Nigeria, nor is it a charge for obtaining a BVN itself.
“The $50 charge is solely for the infrastructure, secure data handling, and technology required to process BVN registrations remotely for Nigerians abroad,” she noted.
Before the NRBVN system was introduced, Nigerians in the diaspora were reportedly paying as much as $200 to register through unofficial channels. The new platform has significantly lowered this cost while offering a secure, regulated alternative.
Sidi Ali emphasized that the NRBVN is entirely voluntary and was developed as a convenient option for Nigerians abroad to access banking services and open accounts in Nigeria without having to travel.
She dismissed claims of excessive or hidden BVN fees as false and misleading, urging the public to rely on official information from the CBN and its verified channels.
“This is not a tax or compulsory charge. It is simply a service innovation aimed at giving Nigerians abroad seamless access to our financial system,” she added.
What the NRBVN Platform Offers
The NRBVN service, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), allows Nigerians in the diaspora to:
- Enrol for a BVN remotely without visiting a bank physically
- Open foreign currency accounts (USD, GBP, EUR)
- Send money through a secure “Remit Money” option
- Complete KYC-compliant processes in line with global standards
- Access support in real time for a smooth onboarding experience
NIBSS noted that the platform features advanced biometric verification tools and is built to meet international data security and anti-money laundering regulations.
The CBN reiterated its commitment to protecting the rights of consumers while expanding access to secure digital banking solutions for Nigerians at home and abroad.
