The Central Bank of Nigeria (CBN) has moved to clarify misconceptions surrounding charges for Nigerians in the diaspora seeking to obtain their Bank Verification Number (BVN), emphasizing that the $50 fee is not a charge for the BVN itself.
Speaking on Friday, CBN Acting Director of Corporate Communications Hakama Ali addressed what she described as “misleading and inaccurate” reports suggesting that Nigerians abroad are being charged $50 to obtain their BVN through the newly launched Non-Resident Bank Verification Number (NRBVN) platform.
“The nominal charge of approximately $50 is not a fee for obtaining a BVN, but rather a recoverable processing cost for remote biometric and due diligence verification,” Ali explained. She stressed that the NRBVN service itself remains completely free of charge with no hidden costs.
The clarification comes as welcome news for Nigerians living overseas, who previously faced significantly higher costs. Ali revealed that diaspora Nigerians were previously paying $200 for similar services, representing a 75% reduction in processing costs. “The associated fee of $50 is strictly a processing charge for remote verification and not a payment for the BVN itself,” she stated, adding that the charge covers essential services including secure identity authentication, data handling, and the technology infrastructure required to support overseas enrollment processes.
The CBN official described the NRBVN platform as more than a standalone initiative, positioning it as a cornerstone of the bank’s comprehensive digital transformation strategy. The system aims to improve and expand access to financial services for Nigerians globally, regardless of their location. Launched in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN platform represents what the CBN calls “a transformative step” in enabling remote BVN acquisition for overseas Nigerians.
The new system offers significant advantages for the diaspora community, allowing Nigerians to access banking services from anywhere in the world. This eliminates the need for costly travel to Nigeria solely for BVN-related services, while ensuring secure and safe transactions. Ali emphasized that the NRBVN system is voluntary, secure, and convenient, designed specifically to address the unique challenges faced by Nigerians living abroad who require access to the country’s banking infrastructure.
The CBN has advised the public to disregard reports suggesting that Nigerians are being charged for BVN acquisition, reiterating that the service remains free while only processing costs apply for remote verification services.
