For the umpteenth time, the Central Bank of Nigeria (CBN) has restated its commitment to financial inclusion in the country’s financial system, just as it dismissed recent insinuations about hidden charges on the newly launched Non-Resident Bank Verification Number (NRBVN) for Nigerians in the Diaspora.
Recently,speculations were rife that the apex Bank had introduced some hidden charges related to the NRBVN platform meant to help Nigerians abroad to get their BVN without having to travel to Nigeria.
But in its reaction on Friday, the CBan reaffirmed that no hidden fees have been introduced and that the BVN enrolment for Nigerians residing within the country remains entirely free of charge.
Making the clarification in Abuja, the Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, explained that the fee referenced in the reports applies solely to the recently launched Non-Resident BVN (NRBVN) initiative, a service designed specifically for Nigerians living in the Diaspora.
Mrs Sidi-Ali said the nominal charge of approximately $50 from Nigerians abroad was not a fee for obtaining a BVN, but rather a recoverable processing cost for remote biometric and due diligence verification.
This cost, she pointed out, covers secure identity authentication, data handling, and technology infrastructure required to support the overseas enrolment process.
“Nigerians in the Diaspora previously paid about $200 to get their BVN. The associated fee of $50 is strictly a processing charge for remote verification and not a payment for the BVN itself,” she said, adding that “the NRBVN system is a voluntary, secure and convenient solution for Nigerians in the Diaspora.”
She described as inaccurate and misleading reports circulating on social media suggesting the imposition of new or excessive charges on Nigerians.
Urging Nigerians to disregard the reports, Mrs Sidi-Ali said the NRBVN was more than just a one-time initiative.
Rather, she said it forms the foundation of the Bank’s broader digital transformation strategy aimed at improving and expanding access to financial services for Nigerians globally.
The NRBVN platform, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), she noted, marked a transformative step in enabling Nigerians living overseas to obtain a BVN remotely without any need to travel to Nigeria.
With this system, she said Nigerians can access banking services from anywhere, saving time and travel costs while ensuring safe and secure transactions.
“The NRBVN solution eliminates barriers by providing a faster, more efficient alternative that aligns with global best practices in digital identity management,” she said.
Mrs. Sidi Ali, therefore, urged the public to verify all information relating to the NRBVN through the CBN and NIBSS’ official communication channels to avoid being misinformed.
