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.