The Central Bank of Nigeria (CBN) has officially debunked widespread rumours suggesting the introduction of new or hidden charges related to the Bank Verification Number (BVN) system, reassuring Nigerians that BVN enrolment within the country remains completely free.
In a statement released on Monday, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, addressed the confusion stirred by recent social media reports. The rumours stemmed from the launch of the Non-Resident Bank Verification Number (NRBVN) — a new platform designed to serve Nigerians living abroad.
According to Mrs. Sidi Ali, the only fee applicable is tied specifically to the NRBVN service and not to BVN enrolment in Nigeria. She explained that the nominal charge of approximately $50 covers remote biometric capture, advanced identity verification, data processing, and the secure infrastructure required to support overseas enrolment.
“This charge is not a fee for obtaining a BVN per se, but a recoverable cost necessary to provide secure and efficient service to Nigerians abroad,” she said in the statement reported by Channels Television and confirmed by Premium Times.
Before the introduction of NRBVN, Nigerians in the Diaspora faced costs as high as $200 to obtain or update their BVN overseas. The CBN’s new platform has significantly reduced this financial burden, offering a more affordable and streamlined process.
A Gateway for Global Nigerians
The NRBVN, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), allows Nigerians abroad to enroll for a BVN from anywhere in the world without traveling home. The platform empowers them to open domiciliary accounts in major foreign currencies (USD, GBP, and EUR), facilitating investments and smoother remittance flows.
Beyond just account opening, the NRBVN platform also offers a “Remit Money” feature, allowing users to transfer funds back home with a few simple steps. Advanced biometric verification and strict adherence to global Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations ensure secure transactions and compliance with international standards.
“The NRBVN is not a tax, nor is it a hidden fee. It is a voluntary, innovative service aimed at making financial inclusion easier and safer for Nigerians living abroad,” Mrs. Sidi Ali stressed.
She further urged the public to disregard misleading social media posts and to rely exclusively on verified information from the CBN’s official communication channels.
Why This Matters
Financial experts have hailed the NRBVN as a major step toward greater financial inclusion for Nigeria’s estimated 17 million diaspora community. By lowering costs and eliminating logistical barriers, the CBN aims to encourage more Nigerians abroad to maintain strong banking ties with the country, ultimately supporting foreign direct investments and boosting remittance inflows.
According to NIBSS, remittances from Nigerians abroad reached $20.1 billion in 2023, underscoring the critical role the diaspora plays in the national economy.
By simplifying access to the Nigerian banking system, the NRBVN platform supports the CBN’s broader financial inclusion agenda and reinforces confidence in Nigeria’s financial infrastructure on the global stage.
