CBN Clarifies: No New BVN Charges for Nigerians, $50 Fee Applies Only to Diaspora Enrolment

The Central Bank of Nigeria (CBN) has debunked rumors suggesting the introduction of new or hidden charges for Bank Verification Number (BVN) enrollment, affirming that BVN registration for Nigerians residing within the country remains completely free.

The clarification came on Monday through a statement by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. The statement was in response to online misinformation tying charges to the recently introduced Non-Resident Bank Verification Number (NRBVN) platform.

$50 Only Applies to Diaspora Enrolment

Mrs. Sidi Ali explained that the $50 fee mentioned in viral social media posts is only applicable to the NRBVN system—a newly introduced service for Nigerians living abroad.

“The $50 is not a fee for BVN itself, but a recoverable processing cost for remote biometric verification, secure identity authentication, and the technology infrastructure supporting the enrolment process,” she said.

She added that, prior to the NRBVN launch, Nigerians in the diaspora had to pay up to $200 to obtain a BVN. The new platform has cut this cost significantly, offering a more affordable and convenient option.

The apex bank called on Nigerians to disregard false claims circulating online and to refer only to official communication channels for accurate information.

“The NRBVN is not a tax or mandatory charge. It is a service innovation designed to simplify access to Nigeria’s financial system for citizens living abroad,” Mrs. Sidi Ali reiterated.

The NRBVN platform, developed in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), allows Nigerians abroad to register for a BVN without visiting a physical bank in Nigeria.

Key features include:

• Remote BVN Enrolment: Done entirely online through secure biometric verification
• Multi-currency Domiciliary Accounts: Users can open USD, GBP, and EUR accounts for remittances and investment purposes
• “Remit Money” Functionality: Allows seamless cross-border fund transfers directly through the platform
• Real-time Support: Enhanced customer experience with simplified procedures

The system complies with global Know Your Customer (KYC) and Anti-Money Laundering (AML) standards, providing robust identity protection and transaction security.

For Nigerians in the Diaspora, the NRBVN platform presents a cost-effective, secure, and convenient way to access Nigeria’s banking system, enabling smoother remittances, investments, and financial inclusion.

For MSMEs and other stakeholders, especially those relying on diaspora remittances or funding, this development streamlines financial connectivity and fosters trust in the formal banking infrastructure.

In summary, BVN enrolment remains free for Nigerians in Nigeria, while the NRBVN’s $50 fee applies solely to voluntary diaspora participation, with the aim of enhancing cross-border financial inclusion.