The Central Bank of Nigeria CBN, has
pegged the maximum transfer from mobile phones using short codes at N100,000.
According to a statement from the director, banking and payment
system of CBN, Dipo Fatokun, the decision was made because of the risk
associated with mobile banking. The bank says the new directive will take
effect from June 2018.
“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 circular read.
The bank added that any customer that would like to do
transactions over N20,000 will require a pin and soft token which they would
get from their banks.
“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.” the statement read
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