2017-09-11 | BPS/DIR/GEN/CIR/04/007

Review of Daily MM Wallet Transaction & BVN Requirement for Mobile Money Wallet Holders

The Central Bank of Nigeria has revised the daily transaction limits and cumulative balance limits for mobile money wallets according to Know-Your-Customer (KYC) levels. Users on Tier 1 no longer need a Bank Verification Number, while it is mandatory for those on Tiers 2 and 3. The new limits are as follows: - Tier 1: N50,000 daily transaction limit, N300,000 cumulative balance limit - Tier 2: N200,000 daily transaction limit, N500,000 cumulative balance limit - Tier 3: Unlimited daily transaction and balance limits Director of Banking and Payments System Department at the Central Bank of Nigeria, Dipo Fatokun, has requested all mobile money operators to abide by these guidelines.

Nigeria

Central Bank of Nigeria

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