Regulatory Alerts2017-09-11 | BPS/DIR/GEN/CIR/04/007Review 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.
BANKING AND PAYMENTS SYSTEM DEPARTMENT CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187, Garki, Abuja.
+234 - 0946238445 BPS/DIR/GEN/CIR/04/007 September 7, 2017 TO: ALL MOBILE MONEY OPERATORS REVIEW OF DAILY MOBILE MONEY WALLET TRANSACTION AND BALANCE LIMIT AND BANK VERIFICATION NUMBERS (BVN) REQUIREMENT FOR MOBILE MONEY WALLET HOLDERS In line with the initiative of the Bank to enhance access to financial services through the Mobile Money Services, the daily transaction limit and balance limit on mobile money wallets have been reviewed to afford users of Mobile Money Services, more flexibility in the use of mobile money wallet.
| KYC Level | Daily Cumulative | Cumulative Balance Limit |
|---|---|---|
| Transaction Limit | ||
| N50,000 | N300,000, in line with the three-tiered KYC requirements | |
| 2 | N200,000 | N500,000, in line with the three-tiered KYC requirements |
| 3 | N5,000,000 | Unlimited, as provided in the three-tiered KYC requirements |
The revised iimits on transaction and balances are as follows: Furthermore, the Bank hereby clarifies that the Mobile Money wallet holders on Tiered KYC Level 1 are not required to provide Bank Verification Number as part of the KYC decumentation, while RVN is mandatory for Mobile Money walier hoiders on KYC levels 2 and 3.
Piease be guided.
'Dipo Fatokur Director, Banking and Payments System Department