KYC levels and their requirements- Virtual Accounts

Lara
Lara
  • Updated

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.

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