The Central Bank of Nigeria, CBN, has announced the review of daily transaction and balance limits on mobile money wallets.
In a circular signed by its Director of Banking and Payment System Department, 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.
It further disclosed that the daily transaction limit and balance limit on mobile money wallets were reviewed to afford users of Mobile Money Services, more flexibility in the use of mobile money wallet.
For the KYC Level 1, the daily cumulative transaction limit is N50,000, while the cumulative balance limit is N300,000 in line with the three-tiered KYC requirements.
In addition, the daily cumulative transaction limit for the KYC Level 2 is N200,000, while its cumulative balance limit is N500,000 in line with the three-tiered KYC requirements.
Also, for the KYC Level 3, the daily cumulative transaction limit is N5 million, while the cumulative balance limit is unlimited as provided in the three-tiered KYC requirements.
However, the CBN stressed in the circular that “the Mobile Money wallet holders on Tiered KYC Level 1 are not required to provide Bank Verification Number (BVN) as part of the KYC documentation, while BVN is mandatory for Mobile Money wallet holders on KYC levels 2 and 3.”
