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CBN Makes BVN Verification Mandatory for Mobile Money Wallet

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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.

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.

The figures were set out in a circular to all mobile money operators from CBN’s director for the Banking and Payments System Department, Dipo Fatokun.

The circular said the aim is to enhance access to financial services through the Mobile Money Services.