CBN Increases Online Transfer Limit To N25 Million

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CBN

The Central Bank of Nigeria has increased the limit for ‘Highly Secured Online Funds Transfer’ from N10 million to N25 million for individuals and N100 million to N250 million for Companies.

Between January and April of this year, the Nigeria Inter-Bank Settlement Systems (NIBSS) reported that transactions totaling N114.8 trillion were completed electronically in Nigeria.

The transactions were completed via the NIBSS Instant Payment technology (NIP).

According to a recently released circular by the Central Bank of Nigeria and signed by Musa I. Jimoh, Director, Payments System Management Department, the revision would take effect on the operations of the NIBSS Instant Payments System and other Electronic Payment Options.

The CBN stated that NIBSS Instant Payments System and other Electronic Payment Options must “accept indemnity from customers for ‘Highly Secured Online Funds Transfer above N1m for individual and N10m for corporate, subject to a maximum of N25m (Individual) and N250m (Corporate);”

The CBN asked 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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