Current Account - V2 Configuration
Product Type: Non-Interest Transactional Account
Use Case: Business operations, high-volume transactions
Minimum Balance: ₦10,000 - ₦50,000
Interest Rate: 0% (Non-interest bearing)
Transaction Limits: Unlimited or very high limits
Overview
Current accounts are non-interest bearing transactional accounts designed for businesses and high-net-worth individuals requiring unlimited transaction capabilities. They support checkbooks, overdraft facilities, and cash management features.
Key Features
- Unlimited Transactions: No limits on withdrawals/deposits
- Checkbook Facility: Physical and electronic checks
- Overdraft Linking: Can be linked to overdraft facility
- Cash Management: Sweep accounts, auto-transfers
- Higher Minimum Balance: Typically ₦25,000 - ₦50,000
- Business Oriented: Designed for commercial use
- Transaction Fees: Per-transaction charges after free limit
YAML Field Reference
Basic Information Section
| Field Name | Data Type | Required | Description | Example |
|---|---|---|---|---|
productCode | String | ✅ Yes | Unique product code | "CA-BUSINESS-001" |
productName | String | ✅ Yes | Display name | "Business Current Account" |
description | String | No | Product description | "Transactional account for businesses" |
isActive | Boolean | No | Product status | true |
depositAccountType | String | ✅ Yes | Account type | "Current" |
lineOfBusiness | Enum | No | Business classification | "Commercial" |
Minimum Balance Configuration
| Field Name | Data Type | Required | Description | Example |
|---|---|---|---|---|
minimumOpeningBalance | Decimal | ✅ Yes | Required to open account | 25000 |
minimumOperatingBalance | Decimal | ✅ Yes | Ongoing minimum | 10000 |
penaltyForBelowMinimum | Decimal | No | Monthly penalty fee | 500 |
allowNegativeBalance | Boolean | No | Allow overdraft | false |
Interest Configuration Section
| Field Name | Data Type | Required | Description | Example |
|---|---|---|---|---|
isEnabled | Boolean | ✅ Yes | Whether interest is paid | false |
calculationMethod | Enum | No | Calculation approach (if enabled) | "DailyBalance" |
rate.default | Decimal | No | Interest rate if enabled | 0.0 |
Note: Current accounts are typically non-interest bearing.
Transaction Limits Section
| Field Name | Data Type | Required | Description | Example |
|---|---|---|---|---|
allowUnlimitedTransactions | Boolean | No | No transaction limits | true |
maxFreeTransactionsPerMonth | Integer | No | Free transactions (if limited) | 50 |
excessTransactionFee | Decimal | No | Fee per excess transaction | 50 |
maxDailyCashWithdrawal | Decimal | No | Cash withdrawal limit | 2000000 |
maxDailyTransferLimit | Decimal | No | Transfer limit | 10000000 |
Checkbook Configuration Section
| Field Name | Data Type | Required | Description | Example |
|---|---|---|---|---|
allowCheckbook | Boolean | ✅ Yes | Enable checkbook facility | true |
checkbookIssuanceFee | Decimal | No | Fee per checkbook | 1000 |
leavesPerCheckbook | Integer | No | Checks per book | 50 |
maxChecksPerMonth | Integer | No | Monthly check limit | 100 |
stopPaymentFee | Decimal | No | Fee to stop check | 500 |
returnedCheckFee | Decimal | No | Bounced check fee | 5000 |
Overdraft Linking Configuration
| Field Name | Data Type | Required | Description | Example |
|---|---|---|---|---|
allowOverdraftLinking | Boolean | No | Enable overdraft facility | true |
automaticOverdraftProtection | Boolean | No | Auto-link overdraft | false |
overdraftLimitBasis | Enum | No | How limit is determined | "AccountTurnover" |
turnoverMultiplier | Decimal | No | Multiplier for limit | 0.3 |
Cash Management Configuration
| Field Name | Data Type | Required | Description | Example |
|---|---|---|---|---|
allowSweepAccount | Boolean | No | Auto-sweep to savings | true |
sweepThreshold | Decimal | No | Sweep when balance exceeds | 500000 |
sweepDestinationAccount | String | No | Target account type | "Savings" or "FixedDeposit" |
allowAutoTransfers | Boolean | No | Scheduled transfers | true |
Fees Configuration Section
| Field Name | Data Type | Required | Description | Example |
|---|---|---|---|---|
fees[].code | String | ✅ Yes | Fee code | "MAINT_FEE" |
fees[].name | String | ✅ Yes | Fee name | "Account Maintenance" |
fees[].feeType | Enum | ✅ Yes | Collection method | "Monthly" or "Transaction" |
fees[].calculationType | Enum | ✅ Yes | Calculation type | "Flat" or "PerTransaction" |
fees[].value | Decimal | ✅ Yes | Fee amount | 500 |
fees[].glAccountId | Integer | ✅ Yes | GL account | 50001 |
Statement & Reporting Configuration
| Field Name | Data Type | Required | Description | Example |
|---|---|---|---|---|
statementFrequency | Enum | No | How often statements sent | "Monthly" |
detailedStatements | Boolean | No | Include full transaction details | true |
electronicStatementFree | Boolean | No | Email statements free | true |
paperStatementFee | Decimal | No | Printed statement fee | 500 |
allowSMSAlerts | Boolean | No | Transaction SMS alerts | true |
smsAlertFee | Decimal | No | Monthly SMS fee | 100 |
Eligibility Configuration Section
| Field Name | Data Type | Required | Description | Example |
|---|---|---|---|---|
minimumAge | Integer | No | Minimum age | 18 |
allowCorporateAccounts | Boolean | ✅ Yes | Business accounts allowed | true |
allowIndividualAccounts | Boolean | No | Personal accounts allowed | true |
requiredDocuments[] | Array | ✅ Yes | Mandatory documents | See below |
kycLevel | Enum | No | Required KYC tier | "Tier3" |
Required Documents (Corporate):
requiredDocuments:
- "CACRegistration"
- "TaxClearance"
- "BoardResolution"
- "DirectorIdentification"
- "ProofOfBusinessAddress"
- "BVN"
Required Documents (Individual):
requiredDocuments:
- "ValidID"
- "ProofOfAddress"
- "BVN"
- "UtilityBill"
- "PassportPhoto"
Notifications Configuration Section
| Field Name | Data Type | Required | Description | Example |
|---|---|---|---|---|
sendWelcomeEmail | Boolean | No | Welcome message | true |
sendTransactionAlerts | Boolean | No | Transaction notifications | true |
alertThreshold | Decimal | No | Alert for transactions above | 100000 |
sendLowBalanceAlert | Boolean | No | Alert low balance | true |
lowBalanceThreshold | Decimal | No | Alert threshold | 25000 |
channels.sms | Boolean | No | Enable SMS | true |
channels.email | Boolean | No | Enable email | true |
Complete Sample YAML Configuration
basicInfo:
productCode: "CA-BUSINESS-001"
productName: "Business Current Account"
description: "Transactional account for business operations with checkbook facility"
isActive: true
depositAccountType: "Current"
lineOfBusiness: "Commercial"
currencyCode: "NGN"
minimumBalanceConfig:
minimumOpeningBalance: 25000
minimumOperatingBalance: 10000
penaltyForBelowMinimum: 500
allowNegativeBalance: false
interestConfig:
isEnabled: false
calculationMethod: "DailyBalance"
rate:
default: 0.0
transactionLimitsConfig:
allowUnlimitedTransactions: false
maxFreeTransactionsPerMonth: 50
excessTransactionFee: 50
maxDailyCashWithdrawal: 2000000
maxDailyTransferLimit: 10000000
checkbookConfig:
allowCheckbook: true
checkbookIssuanceFee: 1000
leavesPerCheckbook: 50
maxChecksPerMonth: 100
stopPaymentFee: 500
returnedCheckFee: 5000
overdraftLinkingConfig:
allowOverdraftLinking: true
automaticOverdraftProtection: false
overdraftLimitBasis: "AccountTurnover"
turnoverMultiplier: 0.3
cashManagementConfig:
allowSweepAccount: true
sweepThreshold: 500000
sweepDestinationAccount: "Savings"
allowAutoTransfers: true
fees:
- code: "MAINT_FEE"
name: "Monthly Account Maintenance"
feeType: "Monthly"
calculationType: "Flat"
value: 500
glAccountId: 50001
- code: "TRANS_FEE"
name: "Transaction Fee (After 50 Free)"
feeType: "Transaction"
calculationType: "PerTransaction"
value: 50
glAccountId: 50002
- code: "CHECK_BOOK"
name: "Checkbook Issuance"
feeType: "OnDemand"
calculationType: "Flat"
value: 1000
glAccountId: 50003
- code: "BOUNCED_CHECK"
name: "Returned Check Fee"
feeType: "Transaction"
calculationType: "Flat"
value: 5000
glAccountId: 50004
- code: "BELOW_MIN"
name: "Below Minimum Balance"
feeType: "Monthly"
calculationType: "Flat"
value: 500
glAccountId: 50005
statementConfig:
statementFrequency: "Monthly"
detailedStatements: true
electronicStatementFree: true
paperStatementFee: 500
allowSMSAlerts: true
smsAlertFee: 100
eligibilityConfig:
minimumAge: 18
allowCorporateAccounts: true
allowIndividualAccounts: true
requiredDocuments:
- "CACRegistration"
- "TaxClearance"
- "BoardResolution"
- "DirectorIdentification"
- "ProofOfBusinessAddress"
- "BVN"
kycLevel: "Tier3"
notificationsConfig:
sendWelcomeEmail: true
sendTransactionAlerts: true
alertThreshold: 100000
sendLowBalanceAlert: true
lowBalanceThreshold: 25000
channels:
sms: true
email: true
push: true
Use Cases & Examples
Example 1: SME Operating Account
Scenario: Small business needs transactional account for daily operations.
Business Profile:
- Type: Trading company
- Monthly Turnover: ₦5,000,000
- Employees: 15
- Transaction Volume: 80-100/month
Account Setup:
minimumOpeningBalance: ₦25,000
checkbookConfig:
allowCheckbook: true
leavesPerCheckbook: 50
overdraftLinkingConfig:
allowOverdraftLinking: true
overdraftLimitBasis: "AccountTurnover"
turnoverMultiplier: 0.3
Overdraft Limit: ₦5M × 0.3 = ₦1,500,000
Monthly Costs:
Maintenance Fee: ₦500
50 Free Transactions: ₦0
35 Excess Transactions: 35 × ₦50 = ₦1,750
SMS Alerts: ₦100
Checkbook (quarterly): ₦1,000 / 3 = ₦333
Total Monthly Cost: ₦2,683
Example 2: High-Volume Transaction Account
Scenario: Retail business with high daily transactions.
Business Profile:
- Type: Supermarket
- Daily Transactions: 10-15
- Monthly Transactions: 300+
- Average Balance: ₦500,000
Configuration:
transactionLimitsConfig:
maxFreeTransactionsPerMonth: 50
excessTransactionFee: ₦50
Monthly Transaction Cost:
First 50: FREE
Next 250: 250 × ₦50 = ₦12,500
Total Monthly Fees: ₦13,000
Optimization: Consider premium account with unlimited free transactions
Example 3: Sweep Account Configuration
Scenario: Business wants to maximize returns on idle cash.
Configuration:
cashManagementConfig:
allowSweepAccount: true
sweepThreshold: ₦500,000
sweepDestinationAccount: "FixedDeposit"
How It Works:
Day 1: Current Account Balance ₦800,000
Above threshold (₦500k)
Sweep Amount: ₦300,000 → Fixed Deposit
Remaining: ₦500,000 (operating balance)
Day 15: Current Account Balance ₦1,200,000
Sweep Amount: ₦700,000 → Fixed Deposit
Remaining: ₦500,000
Month-End:
Current Account: ₦500,000 (0% interest)
Fixed Deposit: ₦1,000,000 (8% p.a. interest)
FD Interest Earned: ₦1M × 8% / 12 = ₦6,667
Benefit: Earn interest on excess funds while maintaining liquidity
Checkbook Management
Checkbook Issuance
checkbookConfig:
allowCheckbook: true
checkbookIssuanceFee: ₦1,000
leavesPerCheckbook: 50
Process:
1. Customer Request
- Via branch, mobile app, or internet banking
- Provide account number and delivery address
2. Bank Processing
- Verify account status (active, not dormant)
- Check for pending stop payments
- Generate unique check numbers
3. Issuance
- Fee charged: ₦1,000
- Checkbook printed with 50 leaves
- Delivered to branch or customer address
4. Usage
- Each check valid for 6 months from date
- Must be signed by authorized signatories
- Cleared via check truncation system
Check Clearing Process
Day 0: Customer writes check to supplier
Day 1: Supplier deposits check at their bank
Day 2: Check image sent to clearing house
Day 3: Check presented to customer's bank
Day 4: Funds debited from customer account
Credited to supplier account
Timeline: 3-5 business days (traditional)
1-2 days (instant check verification)
Stop Payment
checkbookConfig:
stopPaymentFee: ₦500
Process:
Reasons for Stop Payment:
- Check lost or stolen
- Incorrect amount written
- Dispute with payee
- Check already replaced
Request:
Via: Branch, phone, internet banking
Fee: ₦500
Duration: 6 months (or until check expires)
Result: Check will be rejected if presented
Bounced Check Consequences
checkbookConfig:
returnedCheckFee: ₦5,000
When Check Bounces:
Causes:
- Insufficient funds
- Signature mismatch
- Stale-dated check (> 6 months old)
- Account closed
Consequences:
Customer Account:
- Fee charged: ₦5,000
- Negative credit report
- Possible checkbook withdrawal
- Account restrictions
Payee:
- Check returned unpaid
- May charge returned check fee
- Legal recourse available
Overdraft Linking
Automatic Overdraft Protection
overdraftLinkingConfig:
allowOverdraftLinking: true
automaticOverdraftProtection: false
overdraftLimitBasis: "AccountTurnover"
turnoverMultiplier: 0.3
Setup Process:
1. Overdraft Application
Customer applies for overdraft facility
Bank assesses turnover and creditworthiness
2. Limit Determination
Average Monthly Turnover: ₦10M
Multiplier: 0.3
Approved Limit: ₦3M
3. Account Linking
Current Account: 1234567890
Linked Overdraft: OD-1234567890
4. Usage
When current account balance insufficient:
- Automatically draws from overdraft
- Interest charged daily on utilized amount
- Repayment auto-credited when funds available
Example:
Current Account Balance: ₦100,000
Payment Due: ₦500,000
Overdraft Limit: ₦3,000,000
Transaction Processing:
From Current Account: ₦100,000
From Overdraft: ₦400,000
Total Payment: ₦500,000 ✅
New Balances:
Current Account: ₦0
Overdraft Utilized: ₦400,000
Daily Interest: ₦400,000 × 24% / 365 = ₦263/day
When Funds Received:
Deposit ₦1M to current account
Auto-Repayment: ₦400,000 → Overdraft
Current Account Balance: ₦600,000
Transaction Fees Structure
Free Transaction Tiers
transactionLimitsConfig:
maxFreeTransactionsPerMonth: 50
excessTransactionFee: ₦50
Fee Calculation:
Month of January:
Transactions:
- 30 × Deposits (ATM, teller, transfers-in)
- 25 × Withdrawals (ATM, teller, transfers-out)
- 10 × Bill Payments
- 8 × Check Payments
Total: 73 transactions
Fee Calculation:
First 50: FREE
Excess 23: 23 × ₦50 = ₦1,150
Compare to Savings Account:
4 free withdrawals, rest charged
Current account better for high volume
Transaction Categories
Counted Transactions:
- Cash withdrawals (ATM, teller)
- Transfers (inter-bank, intra-bank)
- Check payments
- Bill payments
- POS purchases
NOT Counted:
- Cash deposits
- Interest credits (if any)
- Bank charges
- Reversals
- Balance inquiries
Cash Management Features
Sweep Account Automation
cashManagementConfig:
sweepThreshold: ₦500,000
sweepDestinationAccount: "FixedDeposit"
Daily Sweep Process:
Implementation details removed for security.
Contact support for implementation guidance.
Standing Order Setup
cashManagementConfig:
allowAutoTransfers: true
Example Standing Orders:
1. Salary Payments (Monthly)
Amount: ₦500,000 × 15 employees = ₦7.5M
Frequency: Last working day of month
Duration: Ongoing
2. Supplier Payment (Weekly)
Amount: ₦200,000
Frequency: Every Friday
Duration: 52 weeks
3. Loan Repayment (Monthly)
Amount: ₦350,000
Frequency: 5th of each month
Duration: 36 months
Validation Rules
Minimum Balance Validation
Implementation details removed for security.
Contact support for implementation guidance.
Transaction Limit Validation
Implementation details removed for security.
Contact support for implementation guidance.
Check Validation
Implementation details removed for security.
Contact support for implementation guidance.
Troubleshooting
Issue: "High transaction fees"
Cause: Exceeding free transaction limit.
Solutions:
Current: 100 transactions/month
Free Limit: 50
Excess Fee: 50 × ₦50 = ₦2,500/month
Option 1: Reduce Transactions
Consolidate payments
Use batch transfers
Reduce to 60 transactions: Save ₦2,000/month
Option 2: Upgrade Account
Premium current account: 200 free transactions
Monthly fee: ₦1,500 (vs ₦3,000 in excess fees)
Option 3: Multiple Accounts
Split operations across 2 accounts
Each gets 50 free transactions
Issue: "Check bounced"
Cause: Insufficient funds in account.
Consequences & Solutions:
Immediate:
- ₦5,000 bounced check fee
- Check returned to payee
- Embarrassment/relationship damage
Short-term:
- Negative credit report
- Checkbook may be withdrawn
- Account restrictions
Solutions:
1. Link overdraft facility (prevent future bounces)
2. Set up low balance alerts
3. Maintain buffer balance
4. Use post-dated checks carefully
Recovery:
- Pay the bounced check immediately
- Apologize to payee
- Request credit bureau correction (if paid)
Issue: "Below minimum balance penalty"
Cause: Account balance fell below ₦10,000.
Solutions:
Minimum: ₦10,000
Average Balance: ₦7,500
Penalty: ₦500
Prevention:
- Maintain buffer above minimum
- Link sweep account (reverse direction)
- Set low balance alert at ₦15,000
- Automatic transfer from savings
Cost-Benefit:
Penalty: ₦500/month = ₦6,000/year
vs.
Keep extra ₦10k in account (no interest anyway)
→ Avoid penalty ✅
Migration from V1
V1 Current Account Mapping
| V1 Field/Table | V2 YAML Path |
|---|---|
| MinimumBalance | minimumBalanceConfig.minimumOperatingBalance |
| TransactionLimit | transactionLimitsConfig.maxFreeTransactionsPerMonth |
| CheckbookEnabled | checkbookConfig.allowCheckbook |
| OverdraftLinked | overdraftLinkingConfig.allowOverdraftLinking |
| MaintenanceFee | fees[].value (where code = "MAINT_FEE") |
| TransactionFee | transactionLimitsConfig.excessTransactionFee |
Last Updated: January 2, 2026
API Version: V2 (BPMCore)
Product Category: Deposit Products
Complexity: ââââ (Complex - Business Features)