CBN clarifies NRBVN charges for Nigerians abroad, reaffirms commitment to financial inclusion

The Central Bank of Nigeria (CBN) has dismissed claims of hidden charges associated with the newly launched Non-Resident Bank Verification Number (NRBVN), assuring Nigerians that the regular BVN enrolment process within the country remains entirely free of charge.

The clarification was made on Friday, July 4, 2025, by the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, who emphasised that the fee being referenced in some media reports applies only to Nigerians residing abroad who opt to enrol through the NRBVN platform.

According to her, the nominal $50 fee is not a charge for obtaining a BVN itself, but a recoverable processing cost for remote biometric capture and due diligence procedures. The fee covers identity verification, data management, and the secure technology infrastructure needed to deliver BVN registration services to Nigerians in the Diaspora.

“Nigerians in the Diaspora previously paid up to $200 for the same service. The current $50 charge is strictly a processing fee for remote verification, not a cost for the BVN itself,” Mrs. Sidi Ali explained. “The NRBVN system is a voluntary, secure, and convenient service designed to improve access to banking for Nigerians abroad.”

She dismissed reports circulating on social media that suggested new or excessive charges were being imposed on Nigerians, calling such claims inaccurate and misleading.

“The public should disregard these reports and verify all information through official CBN and NIBSS communication channels,” she said.

Mrs. Sidi Ali further explained that the NRBVN initiative is part of a broader digital transformation agenda by the CBN, aimed at enhancing financial inclusion and ensuring that Nigerians, regardless of location, can access banking services securely and efficiently.

Developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN platform allows Nigerians living outside the country to obtain a Bank Verification Number without needing to travel home. It facilitates easier access to banking services, reduces costs, and aligns with global best practices in digital identity verification.

“This initiative eliminates long-standing barriers to financial inclusion for Nigerians abroad. It enables seamless access to financial services from anywhere in the world,” Mrs. Sidi Ali added.

She reaffirmed the CBN’s commitment to providing inclusive, technology-driven financial services for all Nigerians, both at home and in the Diaspora.