CBN Headquarters Abuja
Central Bank of Nigeria (CBN) has addressed recent speculations regarding charges associated with the newly launched Non-Resident Bank Verification Number (NRBVN) platform.
In a statement released by the Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi-Ali, the CBN assured the public that there are no hidden fees.
According to Sidi-Ali, the CBN has not introduced any hidden fees for the NRBVN.
“The nominal charge of approximately $50 is not a fee for obtaining a BVN, but a recoverable processing cost for remote biometric and due diligence verification,” she explained.
The CBN spokesperson clarified that the $50 fee is a processing charge for remote verification and not a payment for the BVN itself.
“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 said.
Sidi-Ali described the NRBVN system as a voluntary, secure, and convenient solution for Nigerians in the diaspora.
“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,” she added.
The NRBVN platform allows Nigerians in the diaspora to access banking services from anywhere, saving time and travel costs while ensuring safe and secure transactions.
“With this system, Nigerians can access banking services from anywhere, saving time and travel costs while ensuring safe and secure transactions,” Sidi-Ali said.
The CBN spokesperson urged the public to verify all information related to the NRBVN through the CBN and NIBSS’ official communication channels.
“Reports circulating on social media suggesting the imposition of new or excessive charges on Nigerians are inaccurate and misleading, and should be disregarded,” she said.
