The second level of KYC requirements as mandated by Central Bank of Nigeria (CBN) to Nigerian banks falls under the tier two KYC. This level of account is strictly for savings account but a little more higher than tier one. As a savings account it is a non-checking account.
In this level of KYC, banks are required to identify customers with any of the primary ID cards like national ID, driver’s license, int’l passport, and permanent voter’s card. Below is a full list of requirements for a tier two account:
- A valid primary ID card
- Means of address verification (utility bills, etc)
- One passport photograph
- A duly filled account opening form
ACCOUNT THRESH HOLD AND TURNOVER LIMIT
The tier two account, also known as medium level accounts is limited to a maximum single deposit of N50,000 and a maximum cumulative balance of N400,000 at any time. Whenever the customer exceeds this limit, there may be restrictions on the account and the customer will be advised to upgrade to tier three.
This level of account is also limited to a maximum single withdrawal of N10,000 from mobile banking/internet banking and a N100,000 daily cumulative limit.
Below is the full CBN memo on the tier two policy:
[embeddoc url=”https://financialwatchngr.com/wp-content/uploads/2015/11/TIER-TWO-KYC.docx” viewer=”microsoft”]
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I liked the emphasis on building an emergency fund before trying to optimize every investment choice. That practical order of priorities makes the advice feel much more achievable for someone just getting their finances organized.