CBN Reviews Daily Transaction, Balance Limits on Mobile Money Wallets



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:

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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