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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 NameData TypeRequiredDescriptionExample
productCodeString✅ YesUnique product code"CA-BUSINESS-001"
productNameString✅ YesDisplay name"Business Current Account"
descriptionStringNoProduct description"Transactional account for businesses"
isActiveBooleanNoProduct statustrue
depositAccountTypeString✅ YesAccount type"Current"
lineOfBusinessEnumNoBusiness classification"Commercial"

Minimum Balance Configuration

Field NameData TypeRequiredDescriptionExample
minimumOpeningBalanceDecimal✅ YesRequired to open account25000
minimumOperatingBalanceDecimal✅ YesOngoing minimum10000
penaltyForBelowMinimumDecimalNoMonthly penalty fee500
allowNegativeBalanceBooleanNoAllow overdraftfalse

Interest Configuration Section

Field NameData TypeRequiredDescriptionExample
isEnabledBoolean✅ YesWhether interest is paidfalse
calculationMethodEnumNoCalculation approach (if enabled)"DailyBalance"
rate.defaultDecimalNoInterest rate if enabled0.0

Note: Current accounts are typically non-interest bearing.

Transaction Limits Section

Field NameData TypeRequiredDescriptionExample
allowUnlimitedTransactionsBooleanNoNo transaction limitstrue
maxFreeTransactionsPerMonthIntegerNoFree transactions (if limited)50
excessTransactionFeeDecimalNoFee per excess transaction50
maxDailyCashWithdrawalDecimalNoCash withdrawal limit2000000
maxDailyTransferLimitDecimalNoTransfer limit10000000

Checkbook Configuration Section

Field NameData TypeRequiredDescriptionExample
allowCheckbookBoolean✅ YesEnable checkbook facilitytrue
checkbookIssuanceFeeDecimalNoFee per checkbook1000
leavesPerCheckbookIntegerNoChecks per book50
maxChecksPerMonthIntegerNoMonthly check limit100
stopPaymentFeeDecimalNoFee to stop check500
returnedCheckFeeDecimalNoBounced check fee5000

Overdraft Linking Configuration

Field NameData TypeRequiredDescriptionExample
allowOverdraftLinkingBooleanNoEnable overdraft facilitytrue
automaticOverdraftProtectionBooleanNoAuto-link overdraftfalse
overdraftLimitBasisEnumNoHow limit is determined"AccountTurnover"
turnoverMultiplierDecimalNoMultiplier for limit0.3

Cash Management Configuration

Field NameData TypeRequiredDescriptionExample
allowSweepAccountBooleanNoAuto-sweep to savingstrue
sweepThresholdDecimalNoSweep when balance exceeds500000
sweepDestinationAccountStringNoTarget account type"Savings" or "FixedDeposit"
allowAutoTransfersBooleanNoScheduled transferstrue

Fees Configuration Section

Field NameData TypeRequiredDescriptionExample
fees[].codeString✅ YesFee code"MAINT_FEE"
fees[].nameString✅ YesFee name"Account Maintenance"
fees[].feeTypeEnum✅ YesCollection method"Monthly" or "Transaction"
fees[].calculationTypeEnum✅ YesCalculation type"Flat" or "PerTransaction"
fees[].valueDecimal✅ YesFee amount500
fees[].glAccountIdInteger✅ YesGL account50001

Statement & Reporting Configuration

Field NameData TypeRequiredDescriptionExample
statementFrequencyEnumNoHow often statements sent"Monthly"
detailedStatementsBooleanNoInclude full transaction detailstrue
electronicStatementFreeBooleanNoEmail statements freetrue
paperStatementFeeDecimalNoPrinted statement fee500
allowSMSAlertsBooleanNoTransaction SMS alertstrue
smsAlertFeeDecimalNoMonthly SMS fee100

Eligibility Configuration Section

Field NameData TypeRequiredDescriptionExample
minimumAgeIntegerNoMinimum age18
allowCorporateAccountsBoolean✅ YesBusiness accounts allowedtrue
allowIndividualAccountsBooleanNoPersonal accounts allowedtrue
requiredDocuments[]Array✅ YesMandatory documentsSee below
kycLevelEnumNoRequired 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 NameData TypeRequiredDescriptionExample
sendWelcomeEmailBooleanNoWelcome messagetrue
sendTransactionAlertsBooleanNoTransaction notificationstrue
alertThresholdDecimalNoAlert for transactions above100000
sendLowBalanceAlertBooleanNoAlert low balancetrue
lowBalanceThresholdDecimalNoAlert threshold25000
channels.smsBooleanNoEnable SMStrue
channels.emailBooleanNoEnable emailtrue

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:

Code Removed

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

Code Removed

Implementation details removed for security.

Contact support for implementation guidance.

Transaction Limit Validation

Code Removed

Implementation details removed for security.

Contact support for implementation guidance.

Check Validation

Code Removed

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/TableV2 YAML Path
MinimumBalanceminimumBalanceConfig.minimumOperatingBalance
TransactionLimittransactionLimitsConfig.maxFreeTransactionsPerMonth
CheckbookEnabledcheckbookConfig.allowCheckbook
OverdraftLinkedoverdraftLinkingConfig.allowOverdraftLinking
MaintenanceFeefees[].value (where code = "MAINT_FEE")
TransactionFeetransactionLimitsConfig.excessTransactionFee

Last Updated: January 2, 2026
API Version: V2 (BPMCore)
Product Category: Deposit Products
Complexity: ⭐⭐⭐⭐ (Complex - Business Features)