The Central Bank of Nigeria has reviewed operations of the NIBSS Instant Payments System (NIP) and other electronic payment options with similar features.
In a circular seen by Business Metrics, the apex bank explained that the review is further to the circular on the electronic payment subject referenced BPS/DIR/GEN/CIR/01/011 and dated August 13, 2014.
The CBN directed banks to comply with the the adjustments to its rules which are as follows:
- 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);
- Provide customers with the option of electronic or paper indemnity based on the customer’s preference;
- Implement electronic indemnity with stricter controls requiring biometric verification of identity;
- Adhere to multiple factor authentication (MFA) for ‘Highly Secured Online Funds Transfer;
- Inform and educate customers on the use of indemnity to increase transaction limits where applicable.
“Please be guided accordingly,” CBN Concluded.