The Central Bank of Nigeria (CBN) has come to clarify the air of recent online reports that Nigerians now pay for Bank Verification Number (BVN) registration.
In a release on Monday, the apex bank cleared categorically that BVN registration is still free to all Nigerians residing in Nigeria.
This clarification came after a wide rumour and speculation on social media which has associated the new Non-Resident Bank Verification Number (NRBVN) portal with extra or secret charges. In a refutation by way of its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN discounted the misinformation and reaffirmed the bank’s support for transparency and equitable financial inclusion.
NRBVN platform is a new innovation for Nigerians living abroad alone, hence an easy way for them to enroll for BVN and open Nigerian banks without necessarily having to return home. The platform, according to Mrs. Sidi Ali, has the cost of processing reduced to approximately $50. However, she explained that it is not a fee to acquire a BVN in itself but a cost-recovery fee to recover the fees for biometric capture in a secure process, identification verification, and remote enrolment infrastructure.
Prior to this innovation, Nigerians abroad were said to be paying up to $200 to go through BVN registration on limited overseas platforms. The NRBVN has cut that price by over half, offering a low-cost and viable alternative.
She also hinted that the NRBVN scheme is voluntary and it is an effective and safe method of having Nigerians in foreign countries connected to the Nigerian financial system. They make use of the platform to open and maintain accounts denominated in foreign currency in USD, GBP, and EUR and organize facilities such as fund transfer and access to investment via real-time electronic transaction.
In the interest of the ease of the implementation of this program, the CBN partnered with Nigeria Inter-Bank Settlement System (NIBSS) in such a manner that the NRBVN adopts the strictest international Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. With improved biometric verification and high-grade data protection infrastructure, customers trust safe and compliant access to Nigerian financial services from across the world.
The CBN advised Nigerians to disregard specious reports of BVN charges and embrace information made available through credible channels. The central bank reiterated that no Nigerian resident in Nigeria will ever pay a cent for BVN enrolment and that the NRBVN portal is merely a facilitation service for diaspora individuals.
This move, in a sense, is one of the CBN’s overall objectives of promoting financial inclusion domestically and internationally by countering barriers that otherwise might have discouraged diaspora Nigerians from staying engaged with their economic base.
