Review of Daily MM Wallet Transaction and BVN Requirement for Mobile Money Wallet Holders


Monday/ September 11, 2017/ 8:47 PM /CBN

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.

The revised limits on transaction and balances are as follows:

Furthermore the Bank hereby clarifies that the Mobile Money wallet holders on Tiered KYC Level 1 are not required to provide Bank Verification Number as part of the KYC documentation. While BVN is mandatory for Mobile Money wallet holders on KYC levels 2 and 3.

Please be guided.

Dipo Fatokun
Director, Banking and Payment System Department

Related News 
1. Implementation of Electronic Certificate of Capital Importation  
2. Exposure Draft of Regulatory Framework for Unstructured Supplementary Service Data
3. FSB: Key Standards For Sound Financial Systems  
4. Manufacturing PMI Stands at 53.6% in August 2017 from 54.1% in July 2017 - CBN 
5. CBN to approve Cryptocurrency & Blockchain Technology
6. CBN Introduces Funding for Liquidity and Intra-day Facilities for Non-Interest Banks
7. Domestic Commodity Prices Remained Flat Despite August Break, Harvest Season & Improved Logistics
8. CBN Revised the Guidelines for Commercial Agricultural Credit Scheme (CACS)

Related News