The ‘Highly Secured Online Funds Transfer has been raised by the Central Bank of Nigeria from N100 million to N250 million for Companies and from N10 million to N25 million for individuals.
This is in line with the recently released circular by the Central Bank of Nigeria, signed by the Director, Payments System Management Department Musa I. Jimoh.
This revision would take effect on the operations of the NIBSS Instant Payments System and other Electronic Payment Options with Similar Features in Nigeria.
According to the CBN, NIBSS Instant Payments System and other Electronic Payment Options must “accept indemnity from customers for ‘Highly Secured Online FundsTransfer above N1m for individual and N10m for corporate, subject to a maximum of N25m (Individual) and N250m (Corporate);”
The CBN told the Payments System operators to “provide customers with the option of electronic or paper indemnity based on the customer’s preference and Implement electronic indemnity with stricter controls requiring biometric verification of identity”
The apex bank also told the online payment operators to adhere to multiple factor authentication (MFA) for ‘Highly Secured Online Funds Transfer.
The Bank added “Inform and educate customers on the use of indemnity to increase transaction limits where applicable.”
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