Skip to main content

CBN sets daily limit of mobile transfer at N100,000




CBN sets daily limit of mobile transfer at N100,000
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
Accordingly, the CBN said the second factor authentication should not be sent to the customer’s phone or displayed on the USSD channels.
.

Comments

Post a Comment

Popular posts from this blog

Emzor reacts to closure of production site by NAFDAC

Emzor Pharmaceutical Nigeria Limited has reacted to the closure of its production site by the National Agency for Food and Drug Administration and Control, NAFDAC. According to the pharmaceutical company, NAFDAC has only temporarily sealed one of Emzor’s production sites, the liquid line. The rest of Emzor is still operating as normal. In a statement released today by the Emzor, it said NAFDAC sealed its production site 5 days after carrying out an inspection on the site. Emzor said NAFDAC raised no issues at the time of the inspection, only for them to return later to close the site without explanation. Emzor Nigerian, however, said it will continue to make good quality affordable medicines for the Nigerian public and their products are still available to buy. The statement reads: NAFDAC have only temporarily sealed one of Emzor’s production sites, the liquid line. The rest of Emzor is still operating as normal. On Wednesday the 2nd of May NAFDA...
Post a Comment
Read more

Court orders PDP to pay N180 million to a lawyer for successfully handling their cases

Today, Justice Jude Okeke of the FCT High Court, Maitama ordered the Peoples Democratic Party (PDP) to pay N180 million to Samuel Okutepa being his professional fee. Okeke who delivered judgment in a suit filed by Okutepa against the PDP, said Okutepa deserved to be paid the money for handling the cases for the party.  “The defendant is directed to pay the claimant N180 million being the earned professional fee for defending and prosecuting their cases listed out in the applicant’s statements of claims.’’ The court also ordered PDP to pay N50,000 to Mr Okutepa, a senior advocate of Nigeria, for successfully handling the cases. The judge held that it was not right for the PDP not to pay for the work they knew was well handled by the plaintiff. He said that the defendant claimed that they did not give him job to do, as no legal agreement was signed by the parties. The judge said that in the records before the court, the applicant wa...
Post a Comment
Read more

Check out this before and after photo of Instagram celebrity, Roman Goddess

This is before and after photo of Instagram sensation, Roman Goddess . See full photo below...
Post a Comment
Read more

''Shutting down 3 pharmaceutical companies will affect our economy and render thousands jobless'' - Concerned Nigerians group

Read the press statement by Concerned Nigerians below... The Shutdown of three major Pharmaceutical Companies, Emzor, Bioraj and Peace Standard Pharmaceuticals by National Agency for Food and Drug Administration and Control over Codein production is another testament that the current administration is clueless and wants more Nigerians out of Job. This hasty decision of shutting down all Production lines of these Pharmaceuticals over alleged production of Codein syrup is one done in bad faith. We are concerned about thousands of Jobs and revenue that will be lost as a result of this ill-conceived decision to shutdown the three largest pharmaceutical companies in the Country. You would recall that the National Bureau of Statistics had in its report stated that the number of Nigerians that became unemployed rose under  the current administration from 8,036million in 2015 Fourth quarter to 15.998 million in third quarter of 2017. It will be c...
Post a Comment
Read more