“BVN is free”, CBN clarifies. Says $50 charge is for a recoverable processing cost.
Oru Leonard
The Central Bank of Nigeria (CBN), has clarified that the Non-Resident Bank Verification Number (NRBVN), platform designed for Nigerians living abroad, comes with a processing fee of approximately $50.
“This fee is not a charge for obtaining a BVN but rather a recoverable cost for remote biometric verification and due diligence procedures”, CBN explained in a statement signed by the Acting Director of Corporate Communications, Mrs Sidi Halkama.
She said the fee referenced in the media reports applies solely to the recently launched Non-Resident BVN (NRBVN) initiative, a service designed specifically for Nigerians living in the Diaspora.
According to her, 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. This cost, she noted, covers secure identity authentication, data handling, and technology infrastructure required to support the overseas enrolment process.
“Nigerians in the Diaspora previously paid $200. 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 NRBVN system is a voluntary, secure and convenient solution for Nigerians in the diaspora.”
Speaking further, she described the reports circulating on social media as suggesting the imposition of new or excessive charges on Nigerians as inaccurate and misleading, and advised that they should be disregarded.
She added that the NRBVN is more than just a one-time initiative, 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), marks a transformative step in enabling Nigerians living overseas to obtain a Bank Verification Number remotely. With this system, 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.
Mrs. Sidi Ali, therefore, urged the public to verify all information related to the NRBVN through the CBN and NIBSS’ official communication channels.
