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Nigerian Bank ATM card withdrawal & USSD code transfer limits

ATM Card withdrawal limits in Nigeria and outside Nigeria

There is an adjustment in the Nigerian bank ATM card withdrawal limits.

In the new adjustment, all ATMs that were enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N150, 000 per day (i.e. domestic withdrawal limit is N150, 000 per day) while foreign currency is $300 per day. The cash can be withdrawn from ATM machine in multiples of 5000, 10000, 15000, 20000, 25000, 30000 and 35000 depending on the bank’s ATM.

The new adjustment has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad.

A single ATM card serves for transactions for both domestic and abroad.

The adjusted ATM cards now have spending limits on POS and eCommerce (online shopping) pegged at $300 (that is about N60, 000) per day. On December 2016, some banks further limits online shopping spending limit to $100 per day. Unlike before, the limit was N2 million per day.

 Currently, the funding limit of third party account like Skrill account, PayPal, Payoneer etc. is pegged at $100 per month.

In this new arrangement, a bank customer with multiple debit cards (ATM cards) can only transact abroad with one linked to the primary transactional account. Such customers could also transact with any of the cards that is funded.

However, banks are working hard to ensure that there are alternatives in these adjustments for an customers are now being directed by their banks to reapply for a new card arrangement to suit their purposes.

In view of this, GTBank now has Dollar MasterCard which is primarily for limitless online shopping, payment making and other transactions abroad and online from the domiciliary account.

Nigerian Bank USSD transfer limits

Banks like GTbank, Fidelity, Access bank, Diamond bank etc. allows a maximum USSD code transfer limit of up to N200, 000 per transaction and maximum transfer limit of N500, 000 per day while Firstbank of Nigeria claim to allow a maximum transfer limit of up to N1million per day.

 

Please note: This post will be updated if there is change or adjustment in above mention ATM cards withdrawal and transfer limits, so always visit to check for update.

 

All You need to know about MMM Mavro-BTC & How it will Work

MMM Nigeria has introduced Mavro-BTC as a means to provide and get help. To provide help means to contribute or donate money to other participant while to get help means to withdraw your money or receive donation from another participant.

Since MMM announced the introduction of mavro-BTC, Nigerian’s cyberspaces has been hogwashed with different theories of what the Mavro-BTC stand for or look like. Some even said that Sergey Mavrodi, MMM founder knew that the number of PH cannot meet up the expected massive GH when confirmed Mavros are unfrozen on January 14.

As a participant and someone who understand how MMM works, I have decide to offer an explanation of how the newly introduced Mavro-BTC will work, the need for it and to debunk the rumours spreading around.

To understand MMM Mavro-BTC, let me start by explaining that MMM in all the countries that it operates, make use of the currency of the country for Providing help and Getting Help. The same is seen in MMM Nigeria. MMM Nigeria uses Mavro-Naira.

So, what is Mavro-BTC?

Mavro-BTC is Mavro Bitcoin. Mavro-NGN means Mavro Nigeria, Mavro –USD means Mavro US dollars. If you check your Mavro in your personal office, you only see Mavro-NGN and Mavro-USD even when PH in Bitcoin. Please be aware that there are nothing like Marvo Naira, Mavro USD and Mavro BTC outside MMM. These terms are strictly MMM terminology only. Formally, MMM participants PH and GH in Naira although the registration bonus ($20, $50 and $100) is usually in Mavro-USD but it is converted to Mavro-NGN at the point of GHing. What this means is that your mavro-USD is paid out in Naira at the prevailing exchange rate of USD to NGN at the time of GHing.

Aside providing help and getting help in Naira, some participants also provide help in Bitcoin. WHen you provide help with Bitcoins, you will get 50% reward in 30 days while you will get 30% reward in 30days when you provide help with Naira.

The 50% reward participants get when they provide help using bitcoin is usually given in Naira value of Bitcoin  and not in 50% of the bitcoin value of PH. For example; when you provide help of 1bitcoin (say 1BTC = $800 at the time you provided the help), your GH should be 1.5Bitcoin in 30days (say 1BITCOIN = $900 at the time of GH ) but what you will get is $1200 value of bitcoin which will not be up to 1.5BTCat the time of GH because bitcoin is a volatile cryptocurrency. While the reward for MMM Bitcoin is 50% before now, the reward for Mavro-BTC is 30%. The flip side of this is that, when you PH in Mavro-BTC, you will get 30% of your bitcoin value certainly and you can also earn more from the possible increase of bitcoin value in the market. Practically now, if you PH 1BTC (say IBitcoin = $800 at the time of PH), you will get certainly 1.3BTC (say 1Bitcoin = $900 at the time of GH) in 30 days and you will also earn from the extra $100 increase in the values of bitcoin.

Many participants don’t know anything about bitcoin and are worried on how to deal with this new development. It is nothing to worry about because MMM has given you the option to PH in Naira and GH in Mavro-Naira or Mavro-BTC depending on what you want. It is strictly your choice.

The mavro-BTC is a win win for all participants of MMM. MMM is always protects the interest of its members.

Check it out; how to provide and get help with Bitcoin in MMM Nigeria

MMM Nigeria resumes today 13th January, 2014; Read more!!!