Time to organize a protest against this anti-masses policy of the CBN! Sanusi is undoubtedly “high“ on something!

Dnt really fancy dis policy sls is introducin oo,it wud too stressful especially for som uneducated market nd others who stills keep on savings nd depositin.Haba sls consider som people b4 bringin in policy jst for common man

It‘s a good policy shaa but i hope it won‘t kick bucket or lie in limbo like d cashless policy

elampiro: 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.

Guy u go school

Naija, evry day difrent story bt d same situatn. God wil save us.

Banks are very intelligent. They will simply classify all accounts as High value accounts. But I am highly disappointed with Sanusi's level of reasoning. In a country where a lot of money is still out of the banking system, setting deposit limits can never be a way of encouraging people to deposit money with banks.

Low Value account must not have more dan 200k at any point in time. Not for a day. Meaning maximum acct balance is 200k

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.

Nice clarifications and contributions. We wait n see how it all unfolds. A visit to d bank won't b a bad idea

How does this affect those of us that has nothing left in our accounts

All this is Rubbish What is the sense in that !that i Hon.tunde ogedengbe shld make several trips to d bank to deposit N200k which i can hide comfortably under my armpit.i think it is high time jona shove that gworo-eating goon aside.What is wrong with d status quo before.

To summarize the whole story in bits for nairalanders who can't understand


2. Y'all know the standard process and steps you are required to take for you to open a bank account in Nigeria - National ID card or International Passport, Drivers Licence, Utility bill, signature etc? These are all objectives of the Anti- Money laundering and Anti- terrorism laws of the CBN to check money laundering and the finance of terrorist activities in the country.
2. You all know that it is quite difficult to obtain these IDs from the relevant authorities. It takes weeks-months to get a driver license, international passport et al. . .
3. Due to these stringent regulations, alot of nigerians are being disenfranchised from the financial system (46 percent of nigerians) and this is quite a loss to the financial system. Billions of naira that should be kept in banks are kept in peoples house all because they don't have these required identification.
4. The CBN pondered over the issue and decided to come up with a strategy to lure these people to participate in the financial system. So, they came up with this three level kyc policy to suit all members of the public who want to participate the financial system specifically for those who are disadvantaged by not having ID cards and all. . .

Amazing! It seems a whole lot of nairalanders are terribly poor at comprehension! Shame really.

Back to the topic: this is a good policy for financial inclusion of low income earners. This will encourage low income earners to open bank accounts cos the amount of documentation required for opening an account has been seriously reduced. It will make life easier for bankers too.

However, I am not totally convinced that this measure can curb money laundering. What will stop a money launderer from opening several fake low value accounts? I am open to being further enlightened sha.

So if you have proper/standard identification, this is definitely not for you since you'll be part of high level users.
The level one and level two accounts are for those who don't have proper identification. These account will be closely monitored so there'll be less fraud and less misuse of these accounts. The minimum and maximum transaction limits are for managing risk and cost.

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.

IS NOT OUR PROBLEM. SO 1M CANT ENTER SOME ONE'S ACCT A DAY? WE NIGERIANS SAY NO TO THAT.

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.

IS NOT OUR PROBLEM. SO 1M CANT ENTER SOME ONE'S ACCT A DAY? WE NIGERIANS SAY NO TO THAT. GIVE YOUTHS WORK.

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

AND YOU DO? WHAT DID YOU UNDERSTAND?IS THAT NIGERIANS PROBLEM?

Sls needs mental health examination

People just automatically place themselves in the lowest cadre , a reflection of the Nigerian problem.
No matter what they do, when my bank sees the documents I used in opening the account and the highest balance recorded there , they will automatically put me in the highest level without confirmations.
It will help rural customers who have limited identification documents.
And most importantly , it will make CBN have more focus on some account instead of wasting time monitoring all accounts

OK

Contiriman. The tin wey CBN talk na im we dey tell una so;
Sirental Bank talk say dem go like make evribody get bank acant from big Alhaji with long cap to Mama Francis wey dey sell boli and Mama Ramo wey dey sell Shekpe.
Dem talk say some people dey use bank acant dey do big big thief; the one dem dey call korupshon and even dis Boko Haram people dey dey take am dey send big big money wey dem dey take buy gun,bombu and oda bad bad tins. This one come make dem bring new law Dem talk say dis law go help gofment to know who dey take him acant do good and bad tins


Na im government talk say any person wey him get pass 200000 for him bank acant say the bank must see some kain document for him hand like Driver licence ,Passport,NEPA bill or some oda kain document so dat dem go know who de person be and where e dey live. This one na for people wey get plenty money for dem acant ;
dem be two type High Value and Medium Value acant.
Medium Value ; You no fit put pass 40000 naira for one day and the money wey dey ya acant no fit pass 500000
High Value ; This one you fit put any amount inside. This one na for people wey get money sotayyyyyyyy de money "don't give a damn" and this one na for big man and woman like Jona and Patience
The other acant for poor people like mama Francis and Mama Ramo no need plenty document before you fit open am but you no fit put pass 20000 naira inside for one day and all the money wey dey inside must no pass 200000. If e pass so na im be say you don hammer enter big man acant level dem go say make you open Medium Value or High Value acant and make you go bring document come. Ehen

Malubi: That is to say somebody on grade level 1 step 1 in Nigeria will not own an Accunt in Nigeria! Funy

somebody on level 1 can avail of low value account with limit of 200,000. That is no minimum requirement, but max in the account of 200,000 and it can be opened with ordinary ID card.

Has Sanusi increase its weed intake 2twice daily?

CBN will deny this report

...Sanusi is obviously smoking "igbo". I've never heard of where deposit is pegged, you only report to the central banking establishment when it's above some certain amount. Naija getting weirder!
I'm hoping this is some pre-April fool joke.

It's a silly policy. Get a comprehensive database for the entire country and you won't need this nonsense.

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

As in pass you d kpoli coz you no holy

ARES: 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.

You should get one ASAP..so it will help you decipher wat is being said b4 you cum here n spill tras-h

ochallo: 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.

Olodo don't confuse yur clan...it says no single deposit of >20k and no cumulative deposit of >200k both per day...kapish?!

crackhouse: some people understand this while some don't. i wonder what this nairalander understands.

My broda d tin funny me no b small...some Nigerians will never settle down to read something b4 dey start yanking off like a delirious cow with mad cow disease...am still rolling on d floor wif laughter @some shallow posts on here.

~Bluetooth:


There are so many fooolish people in Nigeria and that is why the politicians steal from them,employ divide and rule policy to keep them busy.

Abeg enlighten me on divide n rule policy...baba to jasi bajestically!

I guess everyone will fall into the third category. With Nigeria's funny 'hammering' method, you just cannot predict when a large sum of cash would likely enter your account...so, why have your luck kept on hold because there's a maximum deposit limit on your account?

The banks themselves wouldn't want want to waste funds printing endless deposit slips. Majority of Nigerians don't do e-banking.

Wetin concern gorimapa with shower cap.??..

Thank God 4 dat "tin safe" wey I D̶̲̥̅̊ε̲̣̣̣̥γ̲̣̣̥ use..fuucckk sir-anu-nsi (sir sh1t meat)

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.

This is WRONG it says "cumulative balance".


Even more surprising is the number of likes your post got when it is just INCORRECT. How many Nigerians do 200000 naira business daily to make that a maximum daily deposit amount for the LOWEST VALUE account. What is the sense in saying you can deposit 200000 a day but no more than 20000 per transaction?? Let us use our brains a bit na!!I wonder HOW MANY AMERICANS can deposit that much daily. A whole room full of people cannot "read and comprehend" (apologies EkoIle/Gbawe).
God knows I tried translating it into pidgin but even that has not helped.