NEW GUIDELINES FOR BANK ACCOUNTS IN NIGERIA


If you are one of those who opened and operate mobile accounts with banks in Nigeria then since July 4, this year, you are not allowed to deposit above N50,000 into your account at once.

According to a circular dated July 4, 2016 signed by Kevin Amugo, director, financial policy and regulation department and sent to banks in Nigeria, two of the three tier type of accounts allowed in Nigeria since 2013 as part of Know Your Customer (KYC) policy now have new transaction limits.

The first tier are the accounts allowed to be opened with identification documents and or identification by a third party. This first tier of accounts was intended to make it easier for majority of Nigerians without valid identification to access financial services in spite of this handicap.

First tier accounts  can not be used for international fund transfer; can be linked to mobile phones and can be used in ATM transactions but must a savings account only.

Under the new limits, you not only can not deposit more than N50,000 at once  but also you can not exceed cumulative balance of N300,000 in the account.

Second tier accounts also can only be savings accounts; can be used to transfer funds in Nigeria, may be linked to phones and require more stringent opening procedures. On this account, you can now deposit only N100,000 at a go and cumulative balance now is N500,000.

On the third tier accounts, tagged high value accounts, banks are to obtain, verify and maintain copies of all documents required and provided for opening it. No opening by proxy, only by physical presence and can be both savings and current accounts.

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