By Emmanuel Osie
The Central Bank of Nigeria (CBN) has given reasons why it decided to review daily mobile money wallet transaction and balance limit, as well as the Bank Verification Number (BVN) requirement for mobile money wallet holders.
The apex bank said the review will afford users of Mobile Money Services more flexibility in the country.
“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,” CBN said in a circular signed by the Director, Banking and Payments System Department, CBN, Mr. Dipo Fatokun to all mobile money operators.
With the review, limits on transaction and balances for Know Your Customer (KYC) level-1, daily cumulative transaction limit is now N50, 000 while the 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 the 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 the 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.