The Central Bank of Nigeria (CBN) has dispelled recent rumours circulating on social media about the introduction of new or hidden charges related to the Bank Verification Number (BVN) system, stating clearly that BVN enrolment for Nigerians residing in the country remains entirely free of charge.
The apex bank, in a statement released on Monday, said the clarification was made by its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, in response to speculation over charges linked to the recently introduced Non-Resident Bank Verification Number (NRBVN) platform.
According to Mrs. Sidi Ali, the fee mentioned in the online reports is applicable only to the NRBVN system, which is a new service designed specifically for Nigerians living in the Diaspora.
$50 nominal charge
She explained that the NRBVN enrolment process carries a nominal charge of approximately $50, which is not a fee for obtaining the BVN itself, but rather a recoverable processing cost.
“This charge is for remote biometric and due diligence verification. It covers secure identity authentication, data handling, and the technology infrastructure needed to support the overseas enrolment process,” she said.
- Before the introduction of the NRBVN, Nigerians in the Diaspora were paying up to $200 to obtain a BVN abroad. With the new system, the cost has been significantly reduced.
- Mrs. Sidi Ali emphasised that the NRBVN is a voluntary, secure, and convenient solution that allows Nigerians abroad to access banking services without the need to travel home.
- Dismissing the reports of excessive or hidden charges as misleading and inaccurate, she urged the public to ignore such claims and rely only on official channels for accurate information.
“The NRBVN is not a new tax or charge on Nigerians. It is a service innovation aimed at simplifying access to Nigeria’s financial system from anywhere in the world,” she reiterated.
What you should know
The NRBVN platform, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), enables Nigerians living in diaspora to enroll for BVN from anywhere in the world without visiting a physical bank.
- This allows them to open domiciliary accounts in USD, GBP, and EUR, offering flexibility for investments and remittances.
- The NRBVN platform allows users to remit funds by selecting the “Remit Money” option and following the payment and transfer steps.
- According to NIBSS, the advanced biometric verification and strict adherence to global KYC and AML regulations on the platform ensure secure transactions.
- The initiative promises users hassle-free account opening and fund transfers with streamlined processes and real-time support.
Please give banks like fidelity bank permission to change their customer date of birth in their BVN that is above 8yrs please
Thanks so much