To create a virtual deposit account, the account holder must 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
KYC Requirements and Account Limits
The table below shows all documents, information and transaction limits needed to create a virtual account for each KYC level:
Rules | KYC Level 1 | KYC Level 2 | KYC Level 3 (Business accounts) |
ID Types | BVN | BVN + NIN | BVN + NIN + CAC ID |
How much can you receive per day? | Unlimited | Unlimited | Unlimited |
Maximum Account Balance | Unlimited | Unlimited | Unlimited |
The withdrawal limit per day | NGN 1,000,000 | NGN 2,000,000 | Unlimited |
What is the maximum amount that can be sent at a time? | NGN 1,000,000 | NGN 2,000,000 | Unlimited |
Note: It should be noted that KYC Level 3 accounts are mainly virtual accounts for businesses i.e. corporate accounts.