CBN reviews mobile money wallet requirement

ITRealms:

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 

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