CBN REVIEWS MOBILE MONEY WALLET LIMITS

The Central Bank of Nigeria has reviewed the daily cumulative and cumulative balance limits for mobile money wallets in order to afford users more flexibility in its use.

According to a circular to Mobil money operators dated September 7 but posted on its website yesterday, September 11, the new limits affect the three categories of Know Your Customer (KYC) requirements.

The circular was signed by Dipo Fatokun, Director Banking and Payments, and stipulates that the daily cumulative transaction limit for KYC level 1 is now N50,000 while the cumulative balance is N30,000.

In the case of KYC level 2, the daily cumulative transaction limit is N200,000 and cumulative balance is N500,000.

Finally, for the KYC Level 3, daily cumulative limit is N5m and there is no limit to the cumulative balance on the wallet.

In addition, KYC Level 1 customers do not need Bank Verification Number (BVN) to acquire and use a mobile money wallet as part of the documentation but for levels 2 and 3, BVN is mandatory.

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