Gist: CBN reviews limits on mobile money transaction - Tier 1 - N300,000  (Read 1103 times)

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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.
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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/


 

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