From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN) has dismissed reports suggesting the introduction of hidden charges for Bank Verification Number (BVN) enrolment, affirming that the process remains entirely free for Nigerians residing in the country.
Reacting to growing concerns, the apex bank clarified that the recently introduced $50 fee applies only to the newly launched Non-Resident BVN (NRBVN) platform, which is strictly for Nigerians in the Diaspora.
According to a statement issued by the Bank’s Acting Director of Corporate Communications, Mrs. Hakama Ali, pm Monday, the fee is a recoverable processing cost and not a payment for obtaining a BVN.
“Nigerians in the Diaspora previously paid $200. The associated fee of 50 is strictly a processing charge for remote verification and not a payment for the BVN itself. The NRBVN system is a voluntary, secure and convenient solution for Nigerians in the diaspora,” she said.
Ali further explained that the cost covers remote biometric verification, identity authentication, and the tech infrastructure needed to support enrolment from outside the country.
She described social media reports suggesting that the fee applies to local BVN enrolment as “inaccurate and misleading,” urging Nigerians to disregard such claims.
According to her, “the NRBVN is more than just a one-time initiative, it forms the foundation of the Bank’s broader digital transformation strategy aimed at improving and expanding access to financial services for Nigerians globally.”
Launched in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN allows Nigerians abroad to remotely enrol for BVN without travelling back home. The initiative is aimed at saving time, cutting costs, and improving access to secure banking services.
The CBN advised Nigerians to verify all information concerning the NRBVN via official communication channels of the Bank and NIBSS.
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