- The USSD codes for transfer of funds at N100,000 daily limit takes effect October 1, 2018.
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CBN extends policy on USSD daily limit transaction of N100,000 to October
The apex bank fixed the implementation of the measure to curb USSD risks in the Nigerian financial system to October 2018.
The Central Bank of Nigeria, (CBN), has extended the date for the implementation of the Regulatory framework for the use of Unstructured Supplementary Service Data (USSD).
The implementation of the measure to curb USSD risks in the Nigerian financial system was extended from June 1, 2018, to October 1, 2018.
The CBN stated this in a circular released over the weekend to all Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), Payment Solution Service Providers (PSSPS) and other service providers.
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Dipo Fatokun, Director, Banking and Payments System Department, the date was extended in order to fully realise the objective of the framework.
“The Central Bank of Nigeria (CBN) has observed that in order to fully realise the objective of the framework, the Bank has considered and approved the extension of the implementation date of the circular to be effective from October 1, 2018.”
The CBN had in April 2018 issued a circular pegging transaction on the use of USSD code for transfer of funds at N100,000 daily limit effective from June 1, 2018.
The bank also directed all Deposit Money Banks (DMBs), Mobile Money Operators (MMOs) to allow users to create a pin or soft token for transactions above N20,000.
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The new framework is to reduce the risks associated with the use of USSD channels.
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