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Nairaland Forum / Nairaland / General / Business / CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions (15684 Views)
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CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by THEWRITERSMIND: 1:13am On Apr 27, 2018 |
The Central Bank of Nigeria (CBN) yesterday pegged maximum daily transactions through mobile phone- Unstructured Supplementary Service Data (USSD)— at N100,000. The implementation of the policy starts June 1. Due to absence of set rules on USSD transactions, many commercial banks allow various limits, ranging from N100,000 to N500,000 and above in some cases, depending on customers’ risk absorption levels. This has exposed many customers’ transactions to high risk, with billions of naira lost to fraudsters. The new framework signed by CBN Director, Banking & Payments System Department, ‘Dipo Fatokun said vast applications of the USSD technology, in terms of available services have raised the issue of the risks inherent in the channel. The USSD technology is a protocol used by the GSM network to communicate with a service provider’s platform. It is a session based, real time messaging communication technology, which is accessed through a string, which starts normally with asterisk (*) and ends with a hash (#). It is considered cost effective, more user-friendly, faster in concluding transactions, and handset agnostic. The framework noted concerns 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. Fatokun said the policy shift was in furtherance of CBN’s mandate to develop and enhance security of the electronic payment system. The implementation of the policy starts June 1, 2018. Fatokun had in a circular to banks, switches, Mobile Money Operators (MMOs), Payment Solution Service Providers, Microfinance banks, among others, Fatokun said although the N100,000 limit per customer, per day for transactions applies, customers desirous of higher limits shall execute documented indemnities with their banks or MMOs. The CBN, he said, has also mandated the use of an effective second factor authentication by customers for all transactions above N20,000. This, he said, shall apply in addition to the Personal Identification Number (PIN) being used as first level authenticator, which applies to all transaction amounts. According to the framework, banks shall not send the second factor authentication to the customer’s registered GSM number or device; and it shall not be generated or displayed on the USSD menu. Banks, it added, are also required to install a Behavioural Monitoring system with capability to detect SIM-Swap/Churn status, user location, un-usual transactions at weekends, among others. This shall be achieved by 31st October 2018. The framework said financial Institutions shall be responsible for setting up dispute resolution mechanism to facilitate resolution of customers’ complaints and shall treat and resolve any customer related issues within three working days. Also, non-compliance shall be subject to penalty, as may be prescribed by the CBN, from time to time. “There shall be Service Level Agreement between the Financial Institutions and MNOs/VAS & aggregators, benchmarked against the Nigeria Communication Commission Quality of Service (QoS) regulation and service availability requirements of electronic payment services of the CBN,” it said. It said service providers should put in place systems that enable users/subscribers to block their account from operating USSD service and that no USSD financial service should be activated for customer unless the deactivation mechanism is put in place with effect from June, 2018. On penalties for infractions, it said the appropriate Regulator (CBN and/or NCC) as applicable shall impose appropriate sanctions for any contravention on any participant that fails to comply with this framework. The new framework is in exercise of the powers conferred on the CBN by Section 47(2) of the CBN Act, 2007, to promote and facilitate the development of efficient and effective system for the settlement of transactions. https://www.financialwatchngr.com/2018/04/27/cbn-sets-daily-limit-of-n100000-on-mobile-ussd-transactions/ Mynd44, Lalasticlala, Seun 3 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by music4me(m): 2:06am On Apr 27, 2018 |
Even CBN won't allow us withdraw our money in peace...Is it their money? 28 Likes 2 Shares |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by pbells006: 7:47am On Apr 27, 2018 |
Whether two factor or Four Factor authentication it doesn't stop fraud 3 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by EarthXmetahuman: 7:48am On Apr 27, 2018 |
Hehehehe emiefiele keeps getting clueless everyday. Worst cbn governor Ever!!!!!!! 31 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by Somebodydaddy01: 7:48am On Apr 27, 2018 |
Buhari regime is a total failure ....look at this clueless man. 19 Likes 3 Shares |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by koolgee(m): 7:49am On Apr 27, 2018 |
Okay A welcome development for security of customers funds. You also have the option of increasing your limit, but at your own risk 19 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by paymentvoucher: 7:50am On Apr 27, 2018 |
CBN, Is it your money? Una FADA 5 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by abbaapple: 7:50am On Apr 27, 2018 |
Awon Yahoo boys will be delighted with such news! Can't wait! |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by chuggy(m): 7:50am On Apr 27, 2018 |
nice one...fear fraudsters 1 Like 1 Share |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by jhydebaba(m): 7:50am On Apr 27, 2018 |
Over to you fraudsters to re strategize. Thumbs up CBN 2 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by UltraSphinx(m): 7:51am On Apr 27, 2018 |
Good |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by nelsonebby(m): 7:51am On Apr 27, 2018 |
No no no no no. What if I want to buy a new car ? 2 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by donigspain(m): 7:51am On Apr 27, 2018 |
I support this initiative. Awon scammers ntoor! The risks associated with USSD transactions are too much. If you want bulk money movement, use debit/credit card or visit the banking hall. Kudos to CBN! 7 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by yomalex(m): 7:52am On Apr 27, 2018 |
hmm |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by divinehand2003(m): 7:52am On Apr 27, 2018 |
Kudos CBN Exactly my thoughts on forestalling all forms of scam via SIM hacking linked with bank accounts. 2 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by tonzo(m): 7:53am On Apr 27, 2018 |
What's the need of promoting mobile banking. This government is confused they need deliverance |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by nelsonebby(m): 7:54am On Apr 27, 2018 |
jhydebaba:Except You probably don’t have money on your account. This is going to affect everybody 2 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by anyicash(m): 7:59am On Apr 27, 2018 |
music4me:sorry that you failed to comprehend nothing from the message. Maybe you should re-read it all over again. 13 Likes 1 Share |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by Nobody: 8:02am On Apr 27, 2018 |
music4me:Did you ever read this article or you just rushed off to be in first comment place. In Summary, CBN is trying to limit that huge amount of money fraudsters lift from your bank account when they have your phone like the case of one guy who reported here the last time about 400k plus been fraudulently deducted from his account and how he got it back. CBN here is trying to limit that huge loss of money and also mandating the use of PIN for transactions more than 20k. This is to ameliorate fraudulent practices perpetuated using the USSD bank codes. Read, Read, Read! Not everything is worth the instant gratification, okay you had the first place now but couldn't understand the message passed. Does it make it sense? 36 Likes 4 Shares |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by FrenchWay: 8:03am On Apr 27, 2018 |
... Pls make it 10k. Let dis big men feel what we re feeling 1 Like |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by itiswellandwell: 8:10am On Apr 27, 2018 |
This is really nice. Kudos to cbn Check my signature for your quality customised Atm card flash drive. |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by Dembuk2009: 8:15am On Apr 27, 2018 |
Nice one! Just like d app that allows 500k per day. If u transact up to a million, u'll need a hard token... There was a time I got tired of 1million limit with my token so i got into my bank to ask for a way forward! My people, wen the customer care gave me a form, i didn't understand any English there but I knew it didnt mean anything good...... I quickly returned the form and told her coming to the back for transactions above 1m would not be a problem. She simply gave me a sheepish smile! 7 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by Abudu2000(m): 8:19am On Apr 27, 2018 |
Hh |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by haibe(m): 8:25am On Apr 27, 2018 |
EarthXmetahuman:what are you smoking? This is a great decision that he made. Do you know how much people lose daily due to fraudulent USSD transactions? Did you even read the post to understand why the decision was made? Lazy Nigerian Youth 14 Likes 1 Share |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by jazinogold(m): 8:25am On Apr 27, 2018 |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by ArmedRobber: 8:34am On Apr 27, 2018 |
Somebodydaddy01:dumb skull fvckstard. for the fact that you Don't have penny in your empty bank account doesn't' mean everybody should be wretched like you due to illegal withdrawals from fraudsters. go get a life and stop behaving like a goat on public forum,because of hatred for a man that has achieved the level of success that your past,present and future generations can never attain . 8 Likes 1 Share |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by zinaunreal(m): 8:34am On Apr 27, 2018 |
They promised us $1 to N1 , now they are preventing us from spending our money. Buhari just resign abeg |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by Gangster1ms: 8:45am On Apr 27, 2018 |
CBN what is your business? Is it your money!? If you know the stress we go through just to withdraw money from these wack banks forming high standards you won't do this nonsense. Most banks can have up to 10 ATM machines but only one will be dispensing cash.. the queue of those waiting for their turn long pass anaconda sef. Especially on fridays. This country just love to stress it's citizens 2 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by Iamthoney(m): 8:51am On Apr 27, 2018 |
CBN has a point though 1 Like |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by EarthXmetahuman: 8:53am On Apr 27, 2018 |
[s] haibe:[/s]so because of fraud that can be prevented, people have to suffer because they do not know how prevent ussd fraud. You are even dumber than emiefiele. Most frauds even happen online, what next? He is gonna restrict online transactions too? 5 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by brightalo17: 8:55am On Apr 27, 2018 |
EarthXmetahuman:Other countries does that for the safety of money , check the security side of it in terms of when someone else got access to your money and start withdrawing it and the limit is 100k before you find out. stop politicizing everything . 2 Likes |
Re: CBN Sets Daily Limit Of N100,000 On Mobile USSD Transactions by shallysgirl: 8:55am On Apr 27, 2018 |
music4me:When problems comes now you will open book of lamentations. Abeg weldone and kudos to cbn. 4 Likes |
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