The Central Bank of Nigeria (CBN) has reviewed the
daily mobile money wallet transaction and balance limit as well as Bank
Verification Numbers (BVN) requirement for Mobile Money wallet holders, reports
ITRealms.
Director, Banking and Payments System Department at
CBN, 'Dipo Fatokun, informed ITRealms
that this review was in line with the initiative of the Bank to enhance access
to financial services through the Mobile Money Services.
Fatokun in a circular BPS/DIR/GEN/CIR/04/007 addressed
to all mobile money operators and made available to ITRealms, noted that the daily
transaction limit and balance limit on mobile money wallet have been reviewed
to afford users of this service more flexibility in the use of mobile money
wallet.
The revised limits on transaction and balances with
Know Your Customer (KYC) level 1, having daily cumulative transaction limit of
N50,000, while the cumulative balance limit should be on N300,000 in line with
the three-tierer KYC requirements.
The KYC level 2 daily cumulative transaction limit has
been placed on N200,000 with the cumulative balance limit at N50,000 in line
with the three-tiered KYC requirements.
At the third KYC level, CBN prescribed that daily cumulative
transaction limited is at N5,000,000 with unlimited, as provided in the
three-tiered KYC requirement as the cumulative balance limit.
CBN further clarified 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, whereas BVN is mandatory for Mobile
Money wallet holders on KYC levels 2 and 3.
Ayo Midele/GEE
ITREALMS ... everything news digitally!
2 comments:
nice post
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