The Central Bank of Nigeria has announce that with effect from June 2018, the daily limit of funds transfer from mobile phones will now be N100,000.
In a circular released on Thursday and signed by Dipo Fatokun, the Central Bank of Nigeria (CBN) says the daily limit of funds transfer from mobile phones using short codes will now be N100,000.
According to the director, banking and payment system department, the bank said the decision was made because of the risk associated to mobile banking, adding that transactions over N20,000 will require a pin and soft token.
The circular 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.”
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. Customers are also expected to have the freedom of opting out of the service.
“Although He’s 21 Years Older Than Me, He Says He Will Kill Himself If I Don’t Marry Him” – Lady Narrates (Details below)
Student Caught And Paraded For Enjoying His Fellow Man (Video below)
Davido Issues Stern Warning To Isreal DMW After He Praised Wizkid
Hushpuppi Trends As Chris Brown Mentions Him In New Song
Uche Jombo reacts after being roped into Rita Dominic’s marriage saga
Nnamdi Kanu Replies After Been Ask By The Judge To Explain Why He Ran Away From Soldiers Who Came To Kill Him (Details below)
Nigerian Army Commander Who Led Several Operations Against Boko Haram Allegedly Commits Suicide 3 Days To Court (Details below)
Evangelist Eucharia Anunobi Is In Love and Allegedly Having an Affair with 27 Year Old Colleague
- Lifestyle1 day ago
- News1 day ago
Zinedine Zidane Surprise All On His Pick After He Reveals That Ronaldo And Messi Are Not On The Same Level (Details below)
- Lifestyle1 day ago
“My Two Disabled Sons Promised To Build A House For Me But I Didn’t Believe Them Till They Surprise Me” – Lady Narrates (Details below)
- Lifestyle12 hours ago
“Nothing Last Forever” – This Is The Private Bedroom Of Alhaji Busari Adelakun Where Men Fear To Enter (Photos below)