Customers of Nigerian banks living abroad will have to spend up to N11,000 (£30) to register for Bank Verification Number (BVN) between now and the end of the year.
Obtaining a BVN is free for customers living in Nigeria.
Nigeria Inter Bank Settlement System (NIBSS) Managing Director and Chief Executive Officer, Ade Shonubi, explained that the amount is the cost of service paid to OSI Services, a consultant to the Ministry of External Affairs collating BVN data for the NIBSS and banks.
He said due to the laws in some countries, such as the United Kingdom, which bar taking citizens’ data abroad, the NIBSS engaged OSI which records data for the Nigerian government for passport issuance.
The deadline for BVN registration is October 31 to allow Nigerians in the diaspora register, but Shonubi said the contract with OSI lasts till the end of the year.
Nigerian bank customers living in the UK who wish to register with OSI have to book an appointment because the police do not want long queues at the OIS office in London to disrupt traffic.
Shonubi disclosed that approval has been granted Diamond Bank and Ecobank to set up desks at their affiliate banks abroad to gather data.
Ecobank will gather data in West Africa while Diamond Bank will collate them from affiliates.