CBN unveils NRBVN platform, cuts BVN cost for Nigerians Abroad

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The Central Bank of Nigeria (CBN) has denied recent rumours about new or hidden charges related to the Bank Verification Number (BVN) system, stating that BVN enrolment for Nigerians residing in the country remains free.

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The clarification was made by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, in response to speculation over charges linked to the Non-Resident Bank Verification Number (202NRBVN) platform.

The CBN emphasized that the fee associated with the NRBVN system is a nominal charge of approximately $50, which covers remote biometric and due diligence verification. This charge is not a fee for obtaining the BVN itself, but rather a recoverable processing cost.

NRBVN: A Convenient Solution for Nigerians Abroad

The NRBVN is a voluntary, secure, and convenient solution that allows Nigerians abroad to access banking services without the need to travel home. 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.

“We’re proud to offer a service innovation that simplifies access to Nigeria’s financial system from anywhere in the world,” said Mrs. Sidi Ali. “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.”

The CBN urges the public to ignore misleading claims and rely only on official channels for accurate information

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