CBN Clarifies BVN Costs: Free at Home, $50 Abroad for Processing

The Central Bank of Nigeria (CBN) has addressed recent concerns over charges associated with the Bank Verification Number (BVN) registration, making it clear that enrolment remains free for Nigerians residing in the country.

In a statement on Friday, the CBN explained that the recently introduced Non-Resident Bank Verification Number (NRBVN) platform ‘targeted at Nigerians in the Diaspora’ carries a nominal processing fee of about $50. This fee, the Bank said, covers the cost of remote biometric capture, secure identity verification, and technology infrastructure, and should not be mistaken as a charge for obtaining the BVN itself.

Speaking on the matter, Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, emphasized that the NRBVN platform is designed solely for Nigerians living abroad and is an optional service to ease access to financial services.

“Nigerians in the Diaspora previously paid up to $200 for this process. The $50 charge is simply a cost-recovery fee for the secure processing of biometric data and due diligence verification, not a fee for the BVN itself,” Sidi Ali said.

She dismissed reports circulating on social media claiming that new or excessive charges had been imposed on Nigerians, describing such claims as “inaccurate and misleading.”

The NRBVN platform, developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), allows Nigerians overseas to obtain their BVN remotely without traveling back to Nigeria. This initiative, according to the CBN, represents a major step in improving access to banking services for Nigerians worldwide, saving them time and money while ensuring secure digital identity management.

“The NRBVN is not just a one-off project. It is part of our broader financial inclusion and digital transformation agenda aimed at bringing Nigerians everywhere into the formal financial system,” Sidi Ali added.

She urged the public to rely on official communication channels from the CBN and NIBSS for accurate information regarding the NRBVN, warning against misinformation on social media.

The NRBVN platform forms part of the CBN’s ongoing efforts to deepen financial inclusion and promote secure, seamless banking experiences for Nigerians, regardless of their location.

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