Federal Ministry of Information, Nigeria
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 cumulativebalance 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 onthe 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 afterthe 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 ofterrorism.
He said the Low Value Accounts are subject toclose 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 prospectivecustomer 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 Accountscan 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 willdetermine 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 Nigeriansdo not have access to financial services, hencethe policy is also meant to bridge the gap.

Source: http://m.facebook.com/photo.php?fbid=494663713919875&id=259701504082765&set=a.280034372049478.85296.259701504082765&refid=28&_ft_=qid.5837048988656228365%3Amf_story_key.-4068451210867368815

Mallam Sanusi just confirm that his other absolute stupidity. This mallam has real lost it patapata!!!

I refuse to believe this rubbish.

Aboki.

blink182: I refuse to believe this rubbish.

me too.

sorry o, is it okay to swear? anyway who cares! e be like say e no go better for mallam sanusi and CBN people together. awon oloshi oloriburuku.

Brand_new:
me too.

.
Ok o! Maybe by next week you will understand that nothing is impossible this country called 9ja. Let's wait and see jawe!!!