Central Bank of Nigeria reviews limits on mobile money transaction
The Central Bank of Nigeria (CBN) has reviewed daily mobile money wallet transaction and balance limit, as well as the Bank Verification Number (BVN) requirement for mobile money wallet holders.
In a circular to all mobile money operators, signed by the Director, Banking and Payments System Department, CBN, Mr. Dipo Fatokun, the apex bank explained that it was reviewing the requirements in line with its initiative to enhance access to financial services through the Mobile Money Services.
CBN stated: “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 revised limits on transaction and balances, shows that for Know Your Customer (KYC) level-1, daily cumulative transaction limit is 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, are: N5 million daily cumulative transaction limit while cumulative balance is unlimited. The circular dated September 7, 2017 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.
“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,” the circular further stated.