The Central Bank of Nigeria (CBN) clarified that the $50 charge for the Non-Resident Bank Verification Number (NRBVN) platform applies only to Nigerians abroad, not local BVN enrollment.
The CBN’s acting director of corporate communications, Mrs. Hakama Sidi Ali, explained in Abuja that the fee covers remote biometric and due diligence verification costs for the NRBVN, launched for diaspora Nigerians.
The $50 charge, reduced from $200, is a recoverable processing cost for secure identity authentication and technology infrastructure, not for obtaining the BVN itself, which remains free for Nigerians in Nigeria.
Launched with the Nigeria Inter-Bank Settlement System, the NRBVN enables overseas Nigerians to access banking services remotely, aligning with global digital identity standards and enhancing financial inclusion.
Mrs. Sidi Ali urged the public to disregard misleading social media reports about excessive charges and verify information through official CBN and NIBSS channels for accurate details.
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