Current Account - V2 Configuration

Product Type: Non-Interest Transactional Account
Use Case: Business operations, high-volume transactions
Minimum Balance: â‚¦10,000 - â‚¦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 â‚¦25,000 - â‚¦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	âœ… Yes	Unique product code	`"CA-BUSINESS-001"`
`productName`	String	âœ… Yes	Display name	`"Business Current Account"`
`description`	String	No	Product description	`"Transactional account for businesses"`
`isActive`	Boolean	No	Product status	`true`
`depositAccountType`	String	âœ… Yes	Account type	`"Current"`
`lineOfBusiness`	Enum	No	Business classification	`"Commercial"`

Minimum Balance Configuration

Field Name	Data Type	Required	Description	Example
`minimumOpeningBalance`	Decimal	âœ… Yes	Required to open account	`25000`
`minimumOperatingBalance`	Decimal	âœ… 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	âœ… 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	âœ… 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	âœ… Yes	Fee code	`"MAINT_FEE"`
`fees[].name`	String	âœ… Yes	Fee name	`"Account Maintenance"`
`fees[].feeType`	Enum	âœ… Yes	Collection method	`"Monthly"` or `"Transaction"`
`fees[].calculationType`	Enum	âœ… Yes	Calculation type	`"Flat"` or `"PerTransaction"`
`fees[].value`	Decimal	âœ… Yes	Fee amount	`500`
`fees[].glAccountId`	Integer	âœ… 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	âœ… Yes	Business accounts allowed	`true`
`allowIndividualAccounts`	Boolean	No	Personal accounts allowed	`true`
`requiredDocuments[]`	Array	âœ… 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: â‚¦5,000,000
Employees: 15
Transaction Volume: 80-100/month

Account Setup:

minimumOpeningBalance: â‚¦25,000
checkbookConfig:
  allowCheckbook: true
  leavesPerCheckbook: 50

overdraftLinkingConfig:
  allowOverdraftLinking: true
  overdraftLimitBasis: "AccountTurnover"
  turnoverMultiplier: 0.3

Overdraft Limit: â‚¦5M Ã— 0.3 = â‚¦1,500,000

Monthly Costs:

Maintenance Fee: â‚¦500
50 Free Transactions: â‚¦0
35 Excess Transactions: 35 Ã— â‚¦50 = â‚¦1,750
SMS Alerts: â‚¦100
Checkbook (quarterly): â‚¦1,000 / 3 = â‚¦333

Total Monthly Cost: â‚¦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: â‚¦500,000

Configuration:

transactionLimitsConfig:
  maxFreeTransactionsPerMonth: 50
  excessTransactionFee: â‚¦50

Monthly Transaction Cost:
  First 50: FREE
  Next 250: 250 Ã— â‚¦50 = â‚¦12,500
  
Total Monthly Fees: â‚¦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: â‚¦500,000
  sweepDestinationAccount: "FixedDeposit"

How It Works:

Day 1: Current Account Balance â‚¦800,000
  Above threshold (â‚¦500k)
  Sweep Amount: â‚¦300,000 â†’ Fixed Deposit
  Remaining: â‚¦500,000 (operating balance)

Day 15: Current Account Balance â‚¦1,200,000
  Sweep Amount: â‚¦700,000 â†’ Fixed Deposit
  Remaining: â‚¦500,000

Month-End:
  Current Account: â‚¦500,000 (0% interest)
  Fixed Deposit: â‚¦1,000,000 (8% p.a. interest)
  
  FD Interest Earned: â‚¦1M Ã— 8% / 12 = â‚¦6,667

Benefit: Earn interest on excess funds while maintaining liquidity

Checkbook Management

Checkbook Issuance

checkbookConfig:
  allowCheckbook: true
  checkbookIssuanceFee: â‚¦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: â‚¦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: â‚¦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: â‚¦500
  Duration: 6 months (or until check expires)
  
Result: Check will be rejected if presented

Bounced Check Consequences

checkbookConfig:
  returnedCheckFee: â‚¦5,000

When Check Bounces:

Causes:
  - Insufficient funds
  - Signature mismatch
  - Stale-dated check (> 6 months old)
  - Account closed

Consequences:
  Customer Account:
    - Fee charged: â‚¦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: â‚¦10M
   Multiplier: 0.3
   Approved Limit: â‚¦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: â‚¦100,000
Payment Due: â‚¦500,000
Overdraft Limit: â‚¦3,000,000

Transaction Processing:
  From Current Account: â‚¦100,000
  From Overdraft: â‚¦400,000
  Total Payment: â‚¦500,000 âœ…

New Balances:
  Current Account: â‚¦0
  Overdraft Utilized: â‚¦400,000
  
Daily Interest: â‚¦400,000 Ã— 24% / 365 = â‚¦263/day

When Funds Received:
  Deposit â‚¦1M to current account
  Auto-Repayment: â‚¦400,000 â†’ Overdraft
  Current Account Balance: â‚¦600,000

Transaction Fees Structure

Free Transaction Tiers

transactionLimitsConfig:
  maxFreeTransactionsPerMonth: 50
  excessTransactionFee: â‚¦50

Fee Calculation:

Month of January:
  
Transactions:
  - 30 Ã— Deposits (ATM, teller, transfers-in)
  - 25 Ã— Withdrawals (ATM, teller, transfers-out)
  - 10 Ã— Bill Payments
  - 8 Ã— Check Payments
  Total: 73 transactions

Fee Calculation:
  First 50: FREE
  Excess 23: 23 Ã— â‚¦50 = â‚¦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: â‚¦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: â‚¦500,000 Ã— 15 employees = â‚¦7.5M
   Frequency: Last working day of month
   Duration: Ongoing
   
2. Supplier Payment (Weekly)
   Amount: â‚¦200,000
   Frequency: Every Friday
   Duration: 52 weeks
   
3. Loan Repayment (Monthly)
   Amount: â‚¦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 Ã— â‚¦50 = â‚¦2,500/month

Option 1: Reduce Transactions
  Consolidate payments
  Use batch transfers
  Reduce to 60 transactions: Save â‚¦2,000/month

Option 2: Upgrade Account
  Premium current account: 200 free transactions
  Monthly fee: â‚¦1,500 (vs â‚¦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:
  - â‚¦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 â‚¦10,000.

Solutions:

Minimum: â‚¦10,000
Average Balance: â‚¦7,500
Penalty: â‚¦500

Prevention:
  - Maintain buffer above minimum
  - Link sweep account (reverse direction)
  - Set low balance alert at â‚¦15,000
  - Automatic transfer from savings

Cost-Benefit:
  Penalty: â‚¦500/month = â‚¦6,000/year
  vs.
  Keep extra â‚¦10k in account (no interest anyway)
  â†’ Avoid penalty âœ…

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)

Overview​

Key Features​

YAML Field Reference​

Basic Information Section​

Minimum Balance Configuration​

Interest Configuration Section​

Transaction Limits Section​

Checkbook Configuration Section​

Overdraft Linking Configuration​

Cash Management Configuration​

Fees Configuration Section​

Statement & Reporting Configuration​

Eligibility Configuration Section​

Notifications Configuration Section​

Complete Sample YAML Configuration​

Use Cases & Examples​

Example 1: SME Operating Account​

Example 2: High-Volume Transaction Account​

Example 3: Sweep Account Configuration​

Checkbook Management​

Checkbook Issuance​

Check Clearing Process​

Stop Payment​

Bounced Check Consequences​

Overdraft Linking​

Automatic Overdraft Protection​

Transaction Fees Structure​

Free Transaction Tiers​

Transaction Categories​

Cash Management Features​

Sweep Account Automation​

Standing Order Setup​

Validation Rules​

Minimum Balance Validation​

Transaction Limit Validation​

Check Validation​

Troubleshooting​

Issue: "High transaction fees"​

Issue: "Check bounced"​

Issue: "Below minimum balance penalty"​

Migration from V1​

V1 Current Account Mapping​

Overview

Key Features

YAML Field Reference

Basic Information Section

Minimum Balance Configuration

Interest Configuration Section

Transaction Limits Section

Checkbook Configuration Section

Overdraft Linking Configuration

Cash Management Configuration

Fees Configuration Section

Statement & Reporting Configuration

Eligibility Configuration Section

Notifications Configuration Section

Complete Sample YAML Configuration

Use Cases & Examples

Example 1: SME Operating Account

Example 2: High-Volume Transaction Account

Example 3: Sweep Account Configuration

Checkbook Management

Checkbook Issuance

Check Clearing Process

Stop Payment

Bounced Check Consequences

Overdraft Linking

Automatic Overdraft Protection

Transaction Fees Structure

Free Transaction Tiers

Transaction Categories

Cash Management Features

Sweep Account Automation

Standing Order Setup

Validation Rules

Minimum Balance Validation

Transaction Limit Validation

Check Validation

Troubleshooting

Issue: "High transaction fees"

Issue: "Check bounced"

Issue: "Below minimum balance penalty"

Migration from V1

V1 Current Account Mapping