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.

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http://www.naija-mouthed.com/forum/phone-computer/tech-news/14763-cbn-reviews-limits-on-mobile-money-transaction-balance

Okay

Anything that will make banking easier is welcome.

Very good development.

Them don come again

I don't even understand their language. Pls talk in millions let me un'stand.

Confusion Bank of Nigeria

is it not people that have money that will understand what this topic is all about

do we even have the money to transact in the first place?

Any thing that has Nigeria in it is confused.

Flora Shaw, why d name Nigeria?

...
Na person wey chop belleful de do transfer...

Ma come dey go

Cbcbn

Not understood, pls.
Could someone on the forum who is familiar with banking terms break it down for better understanding, please.

Everyday new policy make una try sustain one nah.

What are they saying?

So what does this mean for the ordinary man??

I'm cool with this new arrangement.

Nice one

Itunmo?

.

Every administration got shiits.
But bubus own.
The confusion too much
Wtf is thid abeg.
No direction
Nothing.
Men we are heading for the rocks
Sorry passengers the end has come to nigeria

what if it's urgent?

CBN Ought to review the charges to minimum. Nigerians Are helping you go cashless, yet they have to pay for such service. What is the contribution of CBN in Nigeria going cashless. Nothing but policies that enrich them and the mobile money operators.

Ok

Not understanding

tafabaloo:
Not understood, pls.
Could someone on the forum who is familiar with banking terms break it down for better understanding, please.

same here, especially that "balance and limit"

Somebody break this Down for us Abeg.

Ok

CBN go dey issue directive wey rank & file for bank sef no underatand, ask 2staff of same bank branch, na different tori dem go explain give you.
i heard diamond still dey collect stamp duty for all account while others no dey do such.
what's so wrong in cbn citing an example when issuing statements to avoid all this katikati

Ayam not understanding this there language oo

SO the CBN wants to deliberately tumble another policy of past government that was even fully implemented by this government.

This relaxation would further permit unanimous funding and transfer of funds for unlawful operations. By allowing people to daily transfer N300k without a BVN would accurately and consciously signal fraudulent people to open numerous accounts to perpetrate their fraudulent activities.

Imagine 10 random people to transfer 300k each to your account.... BOOM.. you have N3m without a trace of who scientifically owns the funds or account.

One step forward, two steps backward..

Thats what I see.