The Central Bank of Nigeria (CBN) has increased the amount that can be loaded onto a prepaid card from N20,000 to N50,000.
The change is part of a review of the country’s guidelines surrounding prepaid cards, updating the initial regulations set in February 2010.
Go deeper with GlobalData
CBN director, Banking and Payment System department Dipo Fatokun said that the changes to the "guidelines on loading, withdrawal and the maximum balance on the card have to be reviewed, in line with present day realities and changing landscape of the payment system"
The new regulations maintain the maximum balance that can be stored on a prepaid card at N250,000 at any time, while the limit on stored value card remained at $5,000 per quarter.
Usage limits and frequencies will be defined by each bank and no third party transfers will be permitted to or from a stored value/prepaid card unless it is from one stored value/prepaid card to another.
Deposit liabilities will be subject to the deposit insurance limit provided by the Nigerian Deposit Insurance Corporation (NDIC). With all stored value/prepaid card transactions being subject to current Nigerian Financial Intelligence Unit (NFIU) reporting requirements.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
