13 September 2017
By Justice Nwafor
The Central Bank of Nigeria, CBN, has reviewed and set new mobile money transaction limits for mobile money wallet holders.
This was contained in a circular signed by the Director, Banking and Payments System Department of the apex bank, Mr. Dipo Fatokun.
He explained that CBN was reviewing the requirements in line with its move to enhance access to financial services through the Mobile Money Services.
“In line with the initiative of the bank to enhance access to financial services through the Mobile Money Services, the daily transaction limit and balance limit on mobile money wallets have been reviewed to afford users of Mobile Money Services more flexibility in the use of mobile money wallet,” the circular read.
The revised limits on transaction and balances shows that Know Your Customer, KYC, level-1 has a daily cumulative transaction limit of N50,000 while cumulative balance limit is N300,000, in line with the three-tiered KYC requirements.
For KYC level-2, daily cumulative transaction limit is N200,000 while cumulative balance limit is N500,000. The revised limits for KYC level-3, according to the circular is: N5 million daily cumulative transaction limit while cumulative balance is unlimited.
The circular further stated that BVN is not required for wallet holders on KYC level-1, while those on KYC levels-2 and 3 are mandated to have BVN.
The circular also indicated: “Furthermore, the bank hereby clarifies that the Mobile Money wallet holders on Tiered KYC level-1 are not required to provide Bank Verification Number as part of the KYC documentation, while BVN is mandatory for Mobile Money wallet holders on KYC-levels 2 and 3.”