CBN Clarifies: No Hidden Charges on Non-Resident BVN Transactions.
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- CBN Clarifies: No Hidden Charges on Non-Resident BVN Transactions.
CBN Clarifies: No Hidden Charges on Non-Resident BVN Transactions.
The Central Bank of Nigeria (CBN) has addressed public concerns, confirming that there are no hidden charges involved in transactions related to the Non-Resident Bank Verificati
on Number (NRBVN) platform.
According to the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the BVN registration for Nigerians living within the country remains completely free. She clarified that the reported charges apply only to the NRBVN initiative, which is designed to help Nigerians living abroad obtain a BVN remotely.
Mrs. Sidi Ali explained that the \$50 fee being discussed is not a cost for the BVN itself, but a recoverable processing fee covering remote biometric data collection, identity verification, and the technology used to enable secure enrolment from overseas. Previously, Diaspora Nigerians paid up to \$200 for similar services.
She emphasized that the NRBVN program is voluntary, secure, and convenient, offering easier access to financial services for Nigerians abroad. The initiative is part of the CBN’s wider digital transformation strategy and was launched in partnership with the Nigeria Inter-Bank Settlement System (NIBSS).
Contrary to some reports on social media, there are no newly imposed or excessive fees, and any such claims are inaccurate. The NRBVN platform enhances financial access for Nigerians globally, allowing them to enroll remotely, avoid international travel, and securely engage with the Nigerian banking system.
Mrs. Sidi Ali encouraged the public to rely on official information from the CBN and NIBSS regarding the NRBVN program.
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Faith Kegh
Content & Editorial Manager - Leads the creation, review, and publication of high-quality news and media content. She ensures that all editorial work reflects the organization’s standards of accuracy, professionalism, and relevance, while also engaging and informing the audience.
As the key driver of TokinPoint Media LTD's editorial voice, the manager oversees content planning, assigns tasks to writers or editors, enforces deadlines, and ensures consistency across all platforms. She also plays a strategic role in aligning content with audience interests and search engine optimization (SEO) best practices.