The Central Bank of Nigeria (CBN) has reviewed upwards, the operations of the Nigeria Inter-Bank Settlement System (NIBSS) and other electronic payment operations.
The monetary policy measure was contained in a circular issued by the apex bank’s Payments System Management Department, Mr. Musa Jimoh, and hoisted on the bank’s website.
The Director stated that the review was in furtherance of a 2014 circular on the subject.
The circular reads” “Banks are hereby required to comply with the following: “Accept indemnity from customers for highly secured online funds transfer above 1 million Naira for individual customers and N10 million for corporate customers subject to a maximum of N25 million (Individual) and N250 million (Corporate);
“Provide customers with the option of electronic or paper indemnity based on customer’s preference; implement electronic indemnity with stricter controls requiring biometric verification of identity”, it added.
The director advised banks to adhere to the Multiple Factor Authentication for “highly secured’’ online funds transfer, adding that “they should inform and educate customers on the use of indemnity to increase transaction limits where applicable.”
