Updated Tiered Account Limits - Wired banking

Updated Tiered Account Limits for Enhanced Security and Operational Flexibility

To better serve our customers and ensure a secure banking experience, we have structured transaction and deposit limits based on account tiers. Each tier comes with specific transaction ceilings and corresponding documentation requirements, allowing us to maintain stringent fraud prevention measures while enhancing account functionality. Customers can easily upgrade their account tier to access higher transaction limits by meeting the documentation criteria associated with each tier.

If a customer attempts a transaction exceeding their current tier’s maximum limit, the transaction will be temporarily held in Pending Tier Settlement (accessible via eBanking). Additional documentation may be required to process the transaction, providing both compliance and security.

Account Tier Structure & Requirements

Tier 1

• Maximum Transfer Per Transaction: ₦5,000
• Daily Transaction Limit: ₦10,000
• Maximum Deposit Per Transaction: ₦150,000
• Requirements:
  • Valid ID card (Driver’s License, International Passport, or NIN slip)

Tier 2

• Maximum Transfer Per Transaction: ₦10,000
• Daily Transaction Limit: ₦50,000
• Maximum Deposit Per Transaction: ₦2,000,000
• Requirements:
  • Bank Verification Number (BVN)
  • Valid ID card (Driver’s License, International Passport, or NIN slip)

Tier 3

• Maximum Transfer Per Transaction: ₦20,000
• Daily Transaction Limit: ₦100,000
• Maximum Deposit Per Transaction: ₦3,000,000
• Requirements:
  • Bank Verification Number (BVN)
  • Valid ID card (Driver’s License, International Passport, or NIN slip)
  • Proof of Address

Tier 4

• Maximum Transfer Per Transaction: ₦100,000
• Daily Transaction Limit: ₦500,000
• Maximum Deposit Per Transaction: ₦5,000,000
• Requirements:
  • Bank Verification Number (BVN)
  • Valid ID card (Driver’s License, International Passport, or NIN slip)
  • Proof of Address
  • Proof of Business or Source of Income

Tier 5

• Maximum Transfer Per Transaction: ₦500,000
• Daily Transaction Limit: ₦2,000,000
• Maximum Deposit Per Transaction: ₦7,000,000
• Requirements:
  • Bank Verification Number (BVN)
  • Valid ID card (Driver’s License, International Passport, or NIN slip)
  • Proof of Address
  • Proof of Business or Source of Income
  • Liveliness Verification

Tier 6

• Maximum Transfer Per Transaction: ₦1,000,000
• Daily Transaction Limit: ₦5,000,000
• Maximum Deposit Per Transaction: ₦10,000,000
• Requirements:
  • Bank Verification Number (BVN)
  • Valid ID card (Driver’s License, International Passport, or NIN slip)
  • Proof of Address
  • Proof of Business or Source of Income
  • Corporate Affairs Commission (CAC) Registration
  • Tax Identification Number (TIN)
  • Board Resolution
  • Operating License
  • Special Control Unit Against Money Laundering (SCUML) Registration
  • Liveliness Verification

Tier 7

• Maximum Transfer Per Transaction: ₦1,500,000
• Daily Transaction Limit: ₦10,000,000
• Maximum Deposit Per Transaction: ₦15,000,000
• Requirements:
  • Bank Verification Number (BVN)
  • Valid ID card (Driver’s License, International Passport, or NIN slip)
  • Proof of Address
  • Proof of Business or Source of Income
  • Corporate Affairs Commission (CAC) Registration
  • Tax Identification Number (TIN)
  • Board Resolution
  • Operating License
  • Special Control Unit Against Money Laundering (SCUML) Registration
  • Liveliness Verification

Important Guidelines

1. Account Upgrade: Customers may upgrade their account tier to access increased transaction limits by submitting the required documentation.
2. Name Verification: Ensure the customer’s name matches on all required documents before processing a tier upgrade.
3. Corporate Accounts: Only accounts with proper business documentation, including CAC registration, may operate as business or corporate accounts. Accounts lacking required corporate documentation may be restricted.
4. In-Office and Cash Transactions: Tier limits do not apply to in-office or cash transactions; however, please adhere to standard compliance guidelines.

Upcoming KYC Features

Liveliness Verification: Soon, customers will have access to a self-service KYC verification portal, enabling them to complete liveliness verification and document submission independently.

These updated tiered account limits provide a flexible, secure solution for managing transactions, empowering you to expand your financial operations within a compliant framework. For assistance or further clarification on tier requirements, please reach out to our support team.