CBN sets daily limit of mobile transfer at N100,000

CBN sets daily limit of mobile transfer at N100,000

- The CBN has announced the maximum transfer that any customer can make from their mobile phones

- The director, banking and payment system of CBN, Dipo Fatokun who made the announcement said the maximum transfer is N100,000

- Fatokun noted that the decision was made known because of the risk associated with mobile banking

The Central Bank of Nigeria (CBN) on Thursday, April 26, declared the daily limit of funds transfer from mobile phones using short codes will now be N100,000.

According to a statement signed by Dipo Fatokun, director, banking and payment system department, the bank said the decision was made because of the risk associated to mobile banking.

The statement read: “Concerns have been expressed on the likely exposure of CBN approved entities to the possible breaching of the USSD accessed financial services in view of likely vulnerabilities in the technology and the ever-growing threats.”

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"Tansactions over N20,000 will require a pin and soft token. The new directive is to be enforced in June 2018.

“Put a limit of N100,000.00 per customer, per day for transactions as may be required. However, customers desirous of higher limits shall execute documented indemnities with their banks or MMOs.

“Mandate the use of an effective 2nd factor authentication (2FA) by customers for all transactions above N20,000. This shall be in addition to the PIN being used as 1st level authenticator, which applies to all transaction amounts.”

Accordingly, the CBN said the second factor authentication should not be sent to the customer’s phone or displayed on the USSD channels.

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Customers are also expected to have the freedom of opting out of the service.

Meanwhile, had reported that CBN blocked money transfer operators from making transfers to Nigeria.

Through the new policy, the CBN excluded a number of operators and only allowed for three companies – Western Union, MoneyGram and Ria to remain in the business.

Experts had predicted this outcome as the CBN last year tightened the conditions on mobile money transfers, requiring operators to be operational in 20 countries, have a net worth of $1 billion, and have at least 10 years of experience working in the industry.

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