CBN clarifies NRBVN charges for Nigerians in diaspora, reaffirms commitment to financial inclusion

The Central Bank of Nigeria (CBN) has moved to dispel concerns over purported hidden fees tied to the recently launched Non-Resident Bank Verification Number (NRBVN) initiative, emphasising that enrollment for domestic residents remains free while Nigerians abroad face only a modest, transparent processing charge.

In a statement released on monday, the apex bank clarified that reports suggesting new or excessive charges for BVN services were “inaccurate and misleading,” noting that the NRBVN—a new platform enabling Nigerians in the diaspora to obtain BVNs remotely—comes with a recoverable fee of approximately $50.

The charge, the CBN explained, is “strictly a processing charge for remote verification and not a payment for the BVN itself.”

Hakama Sidi Ali, CBN’s acting director of corporate communications emphasised that the cost merely offsets expenses related to biometric data processing, identity verification, and secure IT infrastructure.

“Nigerians in the Diaspora previously paid $200,” Sidi Ali said. “The associated fee of $50 is a significant reduction and reflects only the actual cost of secure enrollment.”

The clarification follows a wave of online commentary claiming the CBN had introduced hidden fees for BVN enrollment—a claim the regulator described as misleading. The CBN stressed that within Nigeria, BVN registration continues to be offered at no cost to individuals.

Read also: CBN’s NRBVN platform: Bridging diaspora dreams with homegrown financial inclusion

The NRBVN platform, developed in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), is part of a broader digital overhaul aimed at enhancing access to Nigeria’s financial system for citizens living abroad. The platform allows for biometric verification and due diligence processes to be conducted remotely, sparing users the need to travel to Nigeria or visit embassies and consulates for physical enrollment.

By enabling secure, remote onboarding, the NRBVN is seen as a strategic step toward strengthening financial inclusion, one of the CBN’s core mandates.

According to the bank, the platform offers a voluntary, secure, and convenient channel for diaspora Nigerians to access banking and financial services back home.

Sidi Ali emphasised that the platform “forms the foundation of the bank’s broader digital transformation strategy aimed at improving and expanding access to financial services for Nigerians globally.”

Nigeria’s diaspora community is a vital source of foreign inflows, with remittances estimated to contribute billions of dollars annually to the local economy.

The introduction of a simplified, lower-cost mechanism for BVN enrollment aligns with broader efforts by the CBN to digitise and democratise access to the financial system. It also supports Olayemi Cardoso, CBN governor’s push for a bold $1 billion monthly remittance target.

The initiative also positions Nigeria to better engage its global diaspora, whose economic ties to the country remain critical amid domestic fiscal and monetary adjustments.

The CBN urged the public to rely on official communications for accurate information and directed individuals to verify any claims through the Bank or NIBSS’s verified platforms.