Central Bank of Nigeria changes mobile money transaction limits

Thursday 14 September 2017 | 10:12 CET | News
The Central Bank of Nigeria (CBN) has reviewed the daily mobile money wallet transaction and balance limit, as well as the Bank Verification Number (BVN) requirement for mobile money wallet holders, reports Vanguard. For Know Your Customer (KYC) level 1, the daily cumulative transaction limit is NGN 50,000 and the cumulative balance limit is NGN 300,000. For KYC level 2, the daily limit is NGN 200,000 and cumulative balance limit is NGN 500,000. For KYC level 3 there is a NGN 5 million daily limit but no cumulative balance limit. 

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Categories: Mobile & Wireless
Countries: Nigeria
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