CBN reviews limits on mobile money transaction - Tier 1 - N300,000

The Central Bank of Nigeria (CBN) has reviewed daily mobile money wallet transaction and balance limit, as well as the Bank Verification Number (BVN) requirement for mobile money wallet holders. ... The revised limits on transaction and balances, shows that for Know Your Customer (KYC) level-1, daily cumulative transaction limit is N50,000 while cumulative balance limit is N300,000, in line with the three-tiered KYC requirements. For KYC level-2, daily cumulative transaction limit is N200,000 while cumulative balance limit is N500,000. The revised limits for KYC level-3, according to the circular, are: N5 million daily cumulative transaction limit while cumulative balance is unlimited. The circular dated September 7, 2017 further stated that BVN is not required for wallet holders on KYC level-1, while those on KYC levels-2 and 3 are mandated to have BVN. http://africabusinesscommunities.com/news/central-bank-of-nigeria-reviews-limits-on-mobile-money-transaction/