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N20k & N200K Deposit Limit For Account Holders - Politics (2) - Nairaland

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Re: N20k & N200K Deposit Limit For Account Holders by Nobody: 1:01pm On Jan 25, 2013
staaari: 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.
xcatly ma thought, y does d high value acct hv no limit ?? all politicians must belong to dis group..ndi ohi

2 Likes

Re: N20k & N200K Deposit Limit For Account Holders by metti(m): 1:01pm On Jan 25, 2013
skyp: I guess the people complaining did not read read the post.
Did you read it?
Re: N20k & N200K Deposit Limit For Account Holders by stevebond007(m): 1:01pm On Jan 25, 2013
The bank is now only 4 rich man. Jeez!

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Re: N20k & N200K Deposit Limit For Account Holders by OkikiOluwa1(m): 1:01pm On Jan 25, 2013
Sanusi is acting as if he's not a Nigerian. This policy is not encouraging the poor to use bank. Nigeria presently has more people who can't save up to N20,000 than people who can save more than that.

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Re: N20k & N200K Deposit Limit For Account Holders by ubest1(m): 1:02pm On Jan 25, 2013
father of all confusion, all these is just to confuse us, all I no is when ever I visit bank & those bankers tell me nonsense story, the bank will see whahala that day for my money.

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Re: N20k & N200K Deposit Limit For Account Holders by Hardfact: 1:02pm On Jan 25, 2013
Sanusi again? Hope another wahala.
Re: N20k & N200K Deposit Limit For Account Holders by slimdiggi: 1:03pm On Jan 25, 2013
Sanusi wants us to go back to the old ways of saving money: dig the floor and keep ur money there
Re: N20k & N200K Deposit Limit For Account Holders by Nobody: 1:03pm On Jan 25, 2013
Mobile banking transaction limit of 100K! Doesnt make any sense to me 4 real. Where does the cashless policy tie into this?
Re: N20k & N200K Deposit Limit For Account Holders by metti(m): 1:04pm On Jan 25, 2013
la furia:
and when nobody hears about him for 6 month, we ask where is SLS, we will claim he is jobless running out of ideas.....
And is that why He should be coming up with silly ideas??
Re: N20k & N200K Deposit Limit For Account Holders by Nobody: 1:05pm On Jan 25, 2013
caesaraba: 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.
u dont need to ask, urs must be low value. grin

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Re: N20k & N200K Deposit Limit For Account Holders by neyocool(m): 1:05pm On Jan 25, 2013
He is very stupid.

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Re: N20k & N200K Deposit Limit For Account Holders by sashaa(f): 1:06pm On Jan 25, 2013
donlyone: so if I am depositing N80,000 I'll need FOUR deposit slips? e be as e get o
imagine that. Makes no sense at all

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Re: N20k & N200K Deposit Limit For Account Holders by born2boink(m): 1:07pm On Jan 25, 2013
Later, dem go say sanusi sabbi wetin him dey do

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Re: N20k & N200K Deposit Limit For Account Holders by dokunbam(m): 1:07pm On Jan 25, 2013
This Nigeria banking system is getting cumbersome, a lot of people will be confused and they will be discouraged. They should also think of market women that are less educated. I think they want to encourage cash less and embrace electronic transaction. I don’t even like going to bank I prefer electronic transaction and ATM withdrawal. we have to keep cash at home?
Re: N20k & N200K Deposit Limit For Account Holders by Nobody: 1:07pm On Jan 25, 2013
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.

I don't understand how this policy seeks to achieve the aims stated above.

1 Like

Re: N20k & N200K Deposit Limit For Account Holders by ochallo: 1:07pm On Jan 25, 2013
it is so amazing that nigerians can no longer read english and understand, it has to be pidgin, igbo or yoruba.

The policy say make una no pay more than 20k for una account per day if you be low value user and the money wey dey the account must not pass 200k. That na wetin cattle rearer talk.

I hope this would help.

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Re: N20k & N200K Deposit Limit For Account Holders by MEILYN(m): 1:08pm On Jan 25, 2013
vivichocs: u dont need to ask, urs must be low value. grin
lol hahahaha funny you
Re: N20k & N200K Deposit Limit For Account Holders by Nobody: 1:08pm On Jan 25, 2013
vivichocs: u dont need to ask, urs must be low value. grin

That's harsh.
Re: N20k & N200K Deposit Limit For Account Holders by Nobody: 1:08pm On Jan 25, 2013
What the Bleep is this. Sanusi has gone MAD, someone call the psychiatric hospital. So someone cant pay above 20k to my account at a go again. For what?.

1 Like

Re: N20k & N200K Deposit Limit For Account Holders by born2boink(m): 1:08pm On Jan 25, 2013
Certificate is not knowledge e.g sanusi

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Re: N20k & N200K Deposit Limit For Account Holders by olawaletaiwo(m): 1:08pm On Jan 25, 2013
MEILYN:
okay nw i get it tanks

ole... see my life..dis man won introduce more thieves for this country again..
Re: N20k & N200K Deposit Limit For Account Holders by crackhouse(m): 1:09pm On Jan 25, 2013
fredopayee: 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'
some people understand this while some don't. i wonder what this nairalander understands.

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Re: N20k & N200K Deposit Limit For Account Holders by caesaraba(m): 1:09pm On Jan 25, 2013
vivichocs: u dont need to ask, urs must be low value. grin

Hahahahahahaha, u wicked o.

What is the yardstick for categorizing already existing accounts? Cash flow or current balance?

Do you have the answer to my question or just trolling? grin

2 Likes

Re: N20k & N200K Deposit Limit For Account Holders by tuhits(m): 1:10pm On Jan 25, 2013
I swear,kai
Hausa don kill nigeriA
Abeg sunusi,abeg na beg I dey beg u
U don kill us
Re: N20k & N200K Deposit Limit For Account Holders by jajad: 1:11pm On Jan 25, 2013
caesaraba:

Hahahahahahaha, u wicked o.

What is the yardstick for categorizing already existing accounts? Cash flow or current balance?

Do you have the answer to my question or just trolling? grin

Has to be current balance. Only option that makes sense.
Re: N20k & N200K Deposit Limit For Account Holders by elampiro(m): 1:11pm On Jan 25, 2013
Let me try and summarize it.

CBN has introduced three levels of bank customers to enable KYC (know your customers) and money laudering monitoring be more effective.

1. Low Vaue Account = This will be opened with minimum KYC. Only I'd cards may be required from the customers to open such accounts. Account can be opened with zero balance or maximum of N20,000. Payment into the account cannot be more than N20,000 at a time. The balance cannot grow above N200,000. This accounts will not be under the scrutiny of regulatory bodies.

2. Medium Value Account. A bit of higher KYC, may be with I'd card and utility bill as PHCN bill. Customers under this category cannot pay into the account more than N50,000 on a single deposit (teller), and the balance shouldn't be above N400, 000.

3. High Value Account: Unlimited banking services with full KYC at point of opening. The KYC will involved taking I'd card from the customer, utility bill, the bank official will visit the customer's house and verify the genuineness of his residence and place of work, take his reference, etc. The accounts will be monitored by regulatory bodies.

That's what I understand about the circular, let's wait for further explanation or addendum.

14 Likes

Re: N20k & N200K Deposit Limit For Account Holders by MEILYN(m): 1:12pm On Jan 25, 2013
olawaletaiwo:

ole... see my life..dis man won introduce more thieves for this country again..
i dont get you,wat concerns my post with dis thrash u posted
Re: N20k & N200K Deposit Limit For Account Holders by faporori24: 1:13pm On Jan 25, 2013
Uh oh.
I'm in trouble

They get so mad at me when this happens. I must have screwed something up of forgot to put a web page here.

Please don't tell anyone about this. I promise I'll get it fixed.

In the mean time, press the back button or click here to go to our home page. Sorry.

Re: N20k & N200K Deposit Limit For Account Holders by gbokukueba(m): 1:14pm On Jan 25, 2013
Personally i think Nigeria must fashion out her own banking policy as it suits her. In the UAE you can open a savings account with zero amount but must leave a balance of 3000aed at the end of the month and failure will result in a debit of 25aed. I though that was weird but in South Africa you pay a monthly charge to enjoy some services on your account, you pay for certain % of your cash deposit,withdrawals, and in branch transactions. So again i will say CBN should fashion out a policy that fits our nation rather than copy blue print from God knows where...
Re: N20k & N200K Deposit Limit For Account Holders by Piyke: 1:17pm On Jan 25, 2013
what is this new policy saying plainly? Sanusi is really out of ideas!

Is it the people that deposit 20k and 200k that are the problem of Nigeria? He even says high category accounts have no limits. why suffer the middle class

1 Like

Re: N20k & N200K Deposit Limit For Account Holders by Austinobisnr(m): 1:17pm On Jan 25, 2013
all they r trying to say is depositors will henceforth b categorized into three groups. For d first group, u cnt deposit mor dan 20k in a particular time of d day and nt more dan 200k for d whole day. For d 2nd cartegory, u cnt deposit more dan 50k @ a particular time of d day and nt more dan 400k for d whole day, d last category dst seem to av a limit. Its a new method for monitoring activities of depositors, by grouping dem, all u av 2do is state d category u wana blong

2 Likes

Re: N20k & N200K Deposit Limit For Account Holders by Malubi(m): 1:18pm On Jan 25, 2013
That is to say somebody on grade level 1 step 1 in Nigeria will not own an Accunt in Nigeria! Funy

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