Nigeria’s central bank reviews limits on mobile money transactions, waive BVN for certain wallet holders

Nigeria’s central bank has reviewed daily transaction and balance limits on mobile money wallets in order to afford users of mobile money services some flexibility, just as it has waived the BVN requirement to a category of wallet holders.

The regulator, in a circular to all mobile money operators, said the review was in line with its initiative to enhance access to financial services through mobile money services.

The revised daily transaction and balance limits indicate that wallet holders who fall under the Know-Your-Customer (KYC) level 1 are to have a N50,000 transaction limit and N300,000 cumulative balance limit in line with the three-tiered KYC requirement.

For KYC level 2 wallet holders, the daily transaction limit is N200,000, while cumulative balance is pegged at N500,000. Wallet holders under the KYC 3 level are entitled to N5,000,000 limit with unlimited cumulative balance as provided in the three-tiered KYC requirement.

The circular also directed that KYC1 holders should be exempt from providing BVN requirement to operators but should be mandatory for KYC levels 2 and 3.