The Central Bank of Nigeria (CBN) has dismissed circulating studies alleging hidden or extreme charges tied to the not too long ago launched Non-Resident {Bank} Verification Quantity (NRBVN) platform, clarifying that the one price related is a one-time processing cost of $50 — not a fee for the BVN itself.
In an announcement issued Sunday, Hakama Sidi-Ali, appearing director of company communications on the CBN, emphasised that the price is a nominal, recoverable price overlaying the logistical calls for of distant biometric verification and id authentication for Nigerians dwelling overseas.
“The $50 cost isn’t for buying a BVN. It’s a processing price that accounts for knowledge safety, due diligence, and expertise infrastructure wanted to facilitate abroad enrolment,” mentioned Sidi-Ali.
The NRBVN platform was launched on Could 13 via a partnership between the CBN and the Nigeria Inter-{Bank} Settlement System (NIBSS), aimed toward easing entry to {financial} providers for Nigerians within the diaspora.
Earlier than the platform’s launch, diaspora Nigerians reportedly needed to pay as a lot as $200 for comparable providers.
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Sidi-Ali reiterated that Nigerians residing inside the nation nonetheless get pleasure from free BVN registration, and he or she inspired the general public to ignore social media narratives suggesting in any other case.
“The NRBVN is a safe, voluntary software designed for Nigerians exterior the nation to entry banking providers seamlessly,” she added. “It displays our broader digital transformation efforts to make sure world {financial} inclusion for all residents.”
The CBN additionally assured that the NRBVN platform complies with worldwide requirements in digital id verification and positions the nation for extra modern banking options within the close to future.
The general public is suggested to rely solely on official CBN and NIBSS communication channels for correct updates concerning the NRBVN program.
