CBN Sets New Deposit Limit For Account Holders

The Central Bank of Nigeria (CBN) yesterday set new deposit limits for all categories of account holders and introduced three-tier Know Your Customer (KYC) requirements for banks.

The policy pegs a maximum single deposit amount of N20,000 and maximum cumulative balance of N200,000 at any point in time on the Low Value Account. It also places a maximum single deposit of N50,000 and a maximum cumulative balance of N400,000 on the Medium Value Account. However for the High Value Account, no limit is placed on cumulative balance.

The policy also categorised bank customers into Low Value Accounts (Level One); Medium Value Accounts (Level two) and High Value Accounts (Level three).

A circular to all banks and other financial institutions (OFIs) signed by CBN Director, Financial Policy and Regulation, Chris Chukwu, explained that the policy became exigent after the CBN recognised that access to basic banking facilities and other financial services is necessary in achieving the policy on financial inclusion. He advised banks to adopt the new KYC requirement adding that the proposed deposit limits is meant to reduce the risk of money laundering and financing of terrorism.

He said the Low Value Accounts are subject to close monitoring by the financial institutions and less scrutiny by bank examiners.

The CBN director said the accounts could be opened at branches of banks by a prospective customer or through banking agents and no amount is required for its opening. However, such accounts prohibit international funds transfer.

According to him, the Medium Value Accounts can be opened face to face at any branch of a bank by agents for enterprises or by the account holder but, the accounts are strictly savings with no amount required for its opening. Also, where cross-checking of client’s identity cards information is not completed at the point of account opening, withdrawal would be denied.

Chukwu added that for the High-Value Accounts, banks are required to obtain, verify and maintain copies of all the required documents for accounts opening. Account is to be opened at the bank branches by physical presence of the prospective customer and the accounts could be both savings and current.

However, for mobile banking products, the account attracts a maximum transaction limit of N100, 000 and daily limit of N1 million however, such products are subject to the CBN Regulatory Framework for Mobile Payments Services in Nigeria.

He said that banks are required to have robust, effective and efficient anti-money laundering /combating the financial terrorism (AML/CFT) solutions with screening tools in place that will monitor the various thresholds. “All accounts, no matter how low the transaction or the risks, must be subjected to continuous suspicious transactions monitoring by financial institutions which will determine when incremental KYC requirements need to be provided by the customers,” he said.

He said the CBN will ensure the establishment of appropriate processes and procedures for the purpose of monitoring compliance with the regulatory framework. He added that non-compliant financial institutions would be sanctioned in line with the provisions of extant laws and regulations. He said 64.1 per cent representing 56.3 million adult Nigerians do not have access to financial services, hence the policy is also meant to bridge the gap.


http://thenationonlineng.net/new/news/cbn-sets-new-deposit-limit-for-account-holders/

Say what?

Summary abeg

@OP , LET ME ASK U AND CBN SO EVERY ONE WILL LIVE 20K FOR THE BANK ? SO AS I DONT HAVE 20K IN MY ACCT SO I DONT HAVE BANK ACCT? OR WHAT? LET US HERE FROM U AND CBN ?

Is this a joke or what?
OP,what's your source pls?
200000 or 400000 max ($1280/2560) in your account?
Is this an April fool's joke or what?
This money laudering laws have a MORE SINISTER motive O!

Policy like this doesn't engendered deep banking penetration...this policy will rather increase the unbanked populace.

CBN fellows are running out of banking ideas.

Sanusi look at Nigerian banking strictly with the northern lens. What is in it for the north

Tell that man he is a fool. They created no job and expect us to have 20k for accout. I know he's a drunker'

It is very obvious that Sanusi has a hidden agenda. I can't imagine him telling us the maximum amount we can now save into our accounts.
What nonscense!
So for students in private schools, parents can no longer send them anything above 200,000. Let him go to check his head joor.

BTW - Kindly note that the new directive is for maximum deposit and not minimum withdrawal.
Source - http://247nigerianewsupdate.com/cbn-sets-new-deposit-limit-for-account-holders/

ihedioramma: @OP , LET ME ASK U AND CBN SO EVERY ONE WILL LIVE 20K FOR THE BANK ? SO AS I DONT HAVE 20K IN MY ACCT SO I DONT HAVE BANK ACCT? OR WHAT? LET US HERE FROM U AND CBN ?

That's not the message.
The directive says that low value account can now deposit nothing more than 20k into such accounts and a total of 200k for a day. So u can't pay in more than 20k in one transaction, and a noting more than 200k can enter the account for 1 day.
You can still withdraw any amount you wish in line with your banks guidlines.

Why is this not on the homepage yet?

As usual Nigeria is very good in policy making, but implementation nko?

Sanusi lacks idea this days and should be flushed out as soon as his tenure expires

J12: Why is this not on the homepage yet?

It is now!

This Sanusi guy really loves the limelight. Every now and then, he come up with a Futile Policy just to prove that he is in charge.

I dnt nid 2 save money in any of dis nigeria bank again..for nw on ward,i will b saving my money inside big empty chelsea bottle & b kiping it in my cupboard.

..Huh..

Abeg make I ask this one sharply.. Please how can we know if an already existing account is low value, medium value or high value according to the CBN's new law. Thanks.

Mr. Sanusi, think of a better way to improving the country banking sector instead of coming up with this shabby idea.

SO IF YOUR SALARY NA 20K NKO? SANUSI ABEG PASS THAT WEEEEEED

uncle sanusi, how much is minimum wage, so they pay ur 18k into ur account and u go to cash it the bank will make u drop extra 2k so ur account wont be closed? when i see nigerian leaders parade their phds i try to tie their reasoning to such degree, honestly i am thinking twice about getting one my self.

rubbish policy.

>>>>>However for the High Value Account, no limit is placed on cumulative balance.<<<<


the key to be monitored is the high value account that are used for laundary.

SLS pass me d ganja!

abhosts: This Sanusi guy really loves the limelight. Every now and then, he come up with a Futile Policy just to prove that he is in charge.

and when nobody hears about him for 6 month, we ask where is SLS, we will claim he is jobless running out of ideas.....

Wetin all these technical terms come mean na. No good economist in this house to break down this jargon for me?
Let me kw if to remove my money from the bank to my pillow!

so if I am depositing N80,000 I'll need FOUR deposit slips? e be as e get o

Hehehe, na wa o. I remember a day my friend deposited 50naira to make up his acct from N2950 to N3000 then withdrew 1k, soo the good days are gone?? So sad

still trying to understand what CBN is saying, maximum deposit?, ok am getting it, i can deposit a maximum of 200,000 naira a day but at diff times abi, bet y? abeg no economist for here, prove ur 9ja degree

I guess the people complaining did not read read the post.

This sheik is suffering from overdose of original Agbor Igbo (weed)

This Sanusi of a man is not okay!

Royalty1:

That's not the message.
The directive says that low value account can now deposit nothing more than 20k into such accounts and a total of 200k for a day. So u can't pay in more than 20k in one transaction, and a noting more than 200k can enter the account for 1 day.
You can still withdraw any amount you wish in line with your banks guidlines.

okay nw i get it tanks