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

Yes we have. I just did transfer of funds to people.

Does it mean those on KYC 1 can't transfer amounts exceeding 50k per day?
Someone shld pls explain.

Benjom:
I'm cool with this new arrangement.

Nearly broke my phone this ant wey dey waka so

Nemesis1:


Nearly broke my phone this ant wey dey waka so

MObile Money...... Which Ones work in Nigeria?

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.

Abbeyme:
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.

If you are on (KYC) level 1, that is without BVN, you cannot have more than N300,000 balance.

Abbeyme:
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.

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.

biuti:

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.

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.

alimology:
If you are on (KYC) level 1, that is without BVN, you cannot have more than N300,000 balance.

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

Abbeyme:


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.

Yes, you're right. I almost mentioned it earlier too that 50k is still a lot.

Benjom:
I'm cool with this new arrangement.

i sent u a pm.....really need ur help in getting my cv together....send me ur number via email.