The Central Bank of Nigeria (CBN) has dispelled recent rumours circulating on social media about the introduction of new or hidden charges related to the Bank Verification Number (BVN) system, stating clearly that BVN enrolment for Nigerians residing in the country remains entirely free of charge.
The apex bank, in a statement released on Monday, said the clarification was made by its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, in response to speculation over charges linked to the recently introduced Non-Resident Bank Verification Number (NRBVN) platform.
According to Mrs. Sidi Ali, the fee mentioned in the online reports is applicable only to the NRBVN system, which is a new service designed specifically for Nigerians living in the Diaspora.
She explained that the NRBVN enrolment process carries a nominal charge of approximately $50, which is not a fee for obtaining the BVN itself, but rather a recoverable processing cost.
“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.
“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, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), enables Nigerians living in diaspora to enroll for BVN from anywhere in the world without visiting a physical bank.