CBN reviews limits on mobile money transaction, balance

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.

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.