CBN sets new deposit limits for categorised account holders

AS part of its financial inclusion strategies, the Central Bank of Nigeria (CBN) has introduced three-tier Know Your Customers (KYC) requirements and new deposit limits for categorized account holders in the banking sector.
Under the new policy, bank customers are separated into Low Value Accounts, Medium Value Accounts and High Value Accounts, which stand for level one, level two and level three respectively.
A circular signed by the CBN Director, Financial Policy and Regulation, Chris Chukwu, issued to all banks, explained that the move was to facilitate easy access to basic banking facilities and other financial services in an effort to achieve financial inclusion, adding that the apex bank had taken steps to ensure that the socially and financially disadvantaged persons are no longer precluded from operating accounts for lack of acceptable means of identification.
The policy sets N20,000 as the maximum single deposit amount and maximum cumulative balance at N200,000 for Low Value Accounts. N50,000  as the maximum single deposit amount and highest cumulative balance of N400,000 on the Medium Value Account while it set no limit for the cumulative balance of High Value Accounts.
For mobile banking, CBN set a maximum transaction limit of N3,000 and a daily limit of N300,000 for Low Value Account; N10,000 maximum transaction limit of N10,000 and daily limit of N100,000 for Medium Value Account, and maximum transaction limit of N100,000 and daily limit of N1 million for High Value Account.
It however stated that such products are subject to CBN regulatory framework for mobile payment services.
Chukwu called on banks to implement the new KYC requirementsW, stating that the new policy was designed to curb corruption and reduce money laundering.