CBN Explains ‘New” $50 BVN Fee

The Central Bank of Nigeria, CBN, has disclosed that the $50 it’s charging Nigerians living oversee is a processing fee to obtain their Bank Verification Number, BVN. The government bank said the fee is part of the Non-Resident BVN, NRBVN, initiative, recently launched and designed for Nigerians in the Diaspora.

The apex bank response comes on the heels of reports that extra financial burden is being placed on the Nigerian banking public.

According to a statement signed by Hakama Sidi Ali, Acting CBN’s Director of Corporate Communications the charges is to process the BVN for Nigerians living abroad, as BVN enrolment remained entirely free for Nigerians resident in the country.

She explained that the fee covers cost for remote biometric and due diligence verification for non resident Nigerians. .

“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.

“This cost 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,” the statement said.

She urged Nigerians to disregard reports that extra BVN charges are being imposed on Nigerians, adding that the system will enable Nigerians anywhere in the world to access seamless banking services.

“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 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,” she said.