137
By Daniel Adaji
The Central Bank of Nigeria (CBN) has dismissed claims of hidden charges in the newly introduced Non-Resident Bank Verification Number (NRBVN) platform, reaffirming its commitment to financial inclusion and transparency for Nigerians at home and abroad.
In a statement on Monday, the Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, clarified that the BVN enrolment remains completely free for residents in Nigeria, while a $50 processing fee applies only to Nigerians in the diaspora who choose to enroll remotely through the NRBVN platform.
“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.
She emphasised that the $50 fee is not a hidden charge but a recoverable cost covering biometric verification, identity authentication, data handling, and the technological infrastructure needed to support enrolment outside Nigeria.
The NRBVN platform, launched in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), enables Nigerians living abroad to obtain a BVN without needing to travel home. The platform, according to CBN, aligns with global best practices and supports the Bank’s broader digital transformation goals.
“This initiative is not just about enrolment; it’s a foundation for expanding financial services to Nigerians globally,” Sidi Ali added.
She urged Nigerians to ignore misleading social media reports and verify all information about the NRBVN only through official CBN and NIBSS platforms.
The Central Bank assured that the move is part of efforts to eliminate barriers to banking access, especially for Nigerians abroad who often face difficulties enrolling in the national financial identification system.
By streamlining the process and reducing costs from $200 to $50, the CBN says it has demonstrated a clear commitment to making the system more accessible and inclusive.
As part of the initiative, the Bank encourages Nigerians in the diaspora to utilize the new platform and remain financially connected to Nigeria in a secure and convenient way.