To create a deposit virtual account, the account holder would need to submit KYC documents to verify their identity as the different KYC levels have transaction limits as shown below. The three KYC levels are:

  • KYC Level 1

  • KYC Level 2

  • KYC Level 3

Requirements

The table below shows all documents and information needed to create a virtual account:

Documents/ Identification

KYC Level 1

KYC Level 2

KYC Level 3

BVN

Required

Required

Required

Phone Number

Required

Required

Required

Intl. passport/ Driver’s license/ Voter’s ID/ NIN

Not required

Required

Required

Residential Address

Not required

Not required

Required

Physical Card Request

N/A

Yes

Yes

Transaction limits

The table below shows transaction limits for each KYC level:

KYC Level 1

KYC Level 2

KYC Level 3

How much can I receive at a time?

50,000 naira

100,000 naira

Unlimited

What is the max. amount I can send at a time?

Disabled

100,000 naira

1,000,000 naira

What is the max. amount I can send in a day?

Disabled

100,000 naira

5,000,000 naira

Maximum account balance

300,000 naira

500,000 naira

Unlimited

Can I request for a card?

No

Yes

Yes

Note: In an instance where more than 100,000 naira is received in a KYC level 2 account, a hold will be placed on the virtual account until the account is upgraded to a KYC level 3 account.

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