Good News: Deposit money into your personal account at any Bank in Nigeria

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A big relief to Nigerian bank customers: you no longer need to reach your bank to deposit cash. You can now pay into any bank and the money will be credited into your account, just like you withdraw cash from any bank’s ATM.

The new deal has been made possible by BeyondBranches, owner of the payment platform QuickTeller, a value added service platform developed by Interswitch, the largest integrated payment processing service provider in Nigeria.

CBN Pegs New Deposit Limit For Account Holders

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The Central Bank of Nigeria (CBN) yesterday set new deposit limits for all categories of account holders and introduced three-tier Know Your Customer (KYC) requirements for banks. With the new policy, bank customers have now been categorised into Low Value Accounts (Level One); Medium Value Accounts (Level two) and High Value Accounts (Level three). 
For Low Value Account holders, the policy pegs a maximum single deposit amount of N20,000 and maximum cumulative balance of N200,000 at any point in time.  For Medium Value Account holders, a maximum single deposit of N50,000 and a maximum cumulative balance of N400,000. However for the High Value Account, no limit is placed on cumulative balance.