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Nairaland Forum / Nairaland / General / Business / CBN Reviews Limits On Mobile Money Transaction, Balance (26622 Views)
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Re: CBN Reviews Limits On Mobile Money Transaction, Balance by higherpower: 12:37pm On Sep 13, 2017 |
fpeter:Yes we have. I just did transfer of funds to people. |
Re: CBN Reviews Limits On Mobile Money Transaction, Balance by Rayd502(m): 12:44pm On Sep 13, 2017 |
Does it mean those on KYC 1 can't transfer amounts exceeding 50k per day? Someone shld pls explain. |
Re: CBN Reviews Limits On Mobile Money Transaction, Balance by Nemesis1: 12:54pm On Sep 13, 2017 |
Benjom: Nearly broke my phone this ant wey dey waka so |
Re: CBN Reviews Limits On Mobile Money Transaction, Balance by Benjom(m): 12:57pm On Sep 13, 2017 |
Nemesis1: |
Re: CBN Reviews Limits On Mobile Money Transaction, Balance by yommytino(m): 1:07pm On Sep 13, 2017 |
Re: CBN Reviews Limits On Mobile Money Transaction, Balance by icore: 1:30pm On Sep 13, 2017 |
MObile Money...... Which Ones work in Nigeria? |
Re: CBN Reviews Limits On Mobile Money Transaction, Balance by alimology: 4:43pm On Sep 13, 2017 |
This is a welcome development. The problem I see here is the tiers, how the banks categorise the accounts into tiers. I recently encounter a problem when I wanted to recieve an amount of money more than 1million. The bank (UBA) told me I can't have more than N300,000 in my account because it's a student account even though I have bvn. And nobody has ever came out to explain the different tiers of account to ordinary in our language instead, the prefer to stick to their own vocab. |
Re: CBN Reviews Limits On Mobile Money Transaction, Balance by alimology: 4:53pm On Sep 13, 2017 |
Abbeyme:If you are on (KYC) level 1, that is without BVN, you cannot have more than N300,000 balance. |
Re: CBN Reviews Limits On Mobile Money Transaction, Balance by biuti(f): 8:55pm On Sep 13, 2017 |
Abbeyme: You don't understand. The KYC level 1 account is the only account that doesn't require BVN, and the balance that can ever be in it is #300,000. It's daily transaction limit is #50,000 which means the amount that can be transfered in or out of the account in a day is #50,000 or less. |
Re: CBN Reviews Limits On Mobile Money Transaction, Balance by Abbeyme: 9:04pm On Sep 13, 2017 |
biuti: I get it now. But there is still some exposure here. 50k is a lot of money. That amount of money can daily be used to assemble several home-made bombs and explosives. Yahoo yahoo Boys can survive on 50k/day, if they choose not to register bvn on their fraud account. We are still financially exposed. Risk is yet involved. |
Re: CBN Reviews Limits On Mobile Money Transaction, Balance by Abbeyme: 9:07pm On Sep 13, 2017 |
alimology: Thanks for your clarification. But why create the levels of categories when bvn conveniently curbs financial recklessness and in a large extent, puts faces to funds. Why change a working formula |
Re: CBN Reviews Limits On Mobile Money Transaction, Balance by biuti(f): 9:27pm On Sep 13, 2017 |
Abbeyme:Yes, you're right. I almost mentioned it earlier too that 50k is still a lot. |
Re: CBN Reviews Limits On Mobile Money Transaction, Balance by CastingCrowns(f): 12:43pm On Sep 15, 2017 |
Benjom:i sent u a pm.....really need ur help in getting my cv together....send me ur number via email. |
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