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CBN raises online transfer limit to N25 million and N250million for individuals and companies respectively

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

This is according to a recently released circular by the Central Bank of Nigeria, signed by Musa I. Jimoh, Director, Payments System Management Department.

This revision would take effect on the operations of the NIBSS Instant Payments System and other Electronic Payment Options with Similar Features in Nigeria.

What the CBN is saying

The CBN stated that  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”

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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.”

What you should know

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