BVN Remains Free for Nigerians at Home, $50 Charge Only Applies to Diaspora Enrolment
CBN confirms BVN remains free for Nigerians at home, counters false reports of new charges.
Diaspora-based BVN attracts only a $50 processing fee under new secure NRBVN platform.
The Central Bank of Nigeria (CBN) has reaffirmed that Bank Verification Number (BVN) enrolment for Nigerians residing within the country remains entirely free, dispelling online rumors about the introduction of new or hidden charges under the BVN system.
This clarification follows widespread speculation and misinformation on social media, suggesting that Nigerians would now have to pay to obtain or renew their BVNs. In a statement released on Monday, the CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, clarified that the ₦50 charge being discussed applies only to the recently launched Non-Resident Bank Verification Number (NRBVN) platform, which is explicitly designed for Nigerians in the diaspora.
According to Sidi Ali, the $50 is a recoverable processing fee to cover remote biometric and due diligence verification, secure identity authentication, data handling, and the technology infrastructure supporting the overseas enrolment process. “It is not a fee for obtaining a BVN itself,” she said.
She noted that prior to the introduction of the NRBVN platform, Nigerians abroad had to pay up to $200 to obtain a BVN, often through third-party agents. The new system, launched in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), not only reduces this cost but also streamlines the entire process.
“The NRBVN system is a voluntary, secure, and convenient solution for Nigerians in the diaspora,” she added. “It is not a tax or hidden charge, but a service innovation.”
The NRBVN platform enables Nigerians abroad to remotely register for a BVN without visiting a Nigerian bank branch. It also allows users to open foreign currency domiciliary accounts in USD, GBP, or EUR and remit funds through a dedicated “Remit Money” feature.
In line with global best practices, the NRBVN system incorporates advanced biometric verification and adheres strictly to Know-Your-Customer (KYC) and Anti-Money Laundering (AML) protocols. It promises hassle-free transactions, secure fund transfers, and real-time customer support, making it a vital tool for enhancing financial inclusion for Nigerians living overseas.
Mrs. Sidi Ali urged the public to rely on the official communication channels of the CBN and NIBSS for accurate information about the NRBVN, warning against misleading reports that could confuse or deter legitimate users.
The introduction of the NRBVN is part of the CBN broader digital transformation strategy aimed at extending the reach of Nigeria’s financial services across borders while safeguarding citizens’ data and banking rights.
