Daily News

The Central Bank of Nigeria (CBN), in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS), has announced the launch of a new Bank Verification Number (BVN) platform, primarily aimed at facilitating BVN registration for Nigerians living abroad. The new platform, set to go live in December 2024, is designed to enable diaspora Nigerians to complete their Know Your Customer (KYC) requirements and manage their local bank accounts remotely without the need for physical biometric verification.

The development of this digital platform addresses long-standing challenges faced by Nigerians in the diaspora who have previously depended on third-party service providers for BVN enrollment. These providers typically charge a fee of about \$45 for the registration process. The new system is expected to streamline access and potentially lower costs, though specific details regarding any processing fees have not yet been officially released by the CBN or NIBSS.

In Nigeria, BVN enrollment has traditionally been free of charge, with most banks absorbing the cost as part of their operational services. While Nigerians may incur minor incidental expenses such as transport or data usage, there has been no direct fee for BVN issuance within the country.

It is important to note that the CBN recently extended a suspension on processing fees for cash deposits above set thresholds until March 31, 2025. This move reflects the bank's broader intention to reduce financial burdens on citizens. Whether this same principle will apply to the new BVN platform remains to be seen.

In summary, while the new BVN platform is a welcome advancement, particularly for Nigerians abroad, there is currently no confirmed information on whether a processing fee will be required for BVN registration. The CBN's recent initiatives suggest a trend toward minimizing costs for users, but stakeholders await a clear policy statement regarding potential charges for accessing this digita

l service.