Key Points

1. The Central Bank of Nigeria has issued a new directive to banks asking them to charge indemnity on transfers above N 1 million for individuals and N10 million for corporate bodies

2. The new rule also pegged a higher limit on transfers above N200 million for individuals and N250 million for corporate organisations

3. The order is meant to insulate the banks from any loss or risks associated with the transactions and place the liability on the customers

Nigeria’s apex bank, the Central Bank of Nigeria has issued a new directive mandating bank customers to pay indemnity on bank transfers above N1 million for individuals and N10 million for corporate organizations.

The CBN pegged an upper limit on the amount transferable at N25 million and N250 million for individuals and corporate customers respectively.

CBN offloads risks and liabilities on customers

Vanguard reports that the new directive is to absolve the banks and put liabilities for any breach or risks arising from such transfers on the bank customers.

CBN stated on Thursday, May 2, 2022, in a circular issued to banks on the Review of operations of the Nigerian Interbank Settlement System (NIBSS) Instant Payments System and other e-payment options with the same features. The circular conveying the directive was signed by the Director of Payments System Management Department, Musa Jimoh.

The circular said: [I]“Further to the Circular on the above subject referenced BPS/DIR/GEN/CIR/01/011 and dated August 13, 2014, banks are hereby required to comply with the following:

“Accept indemnity from customers for ‘Highly Secured Online Funds Transfer above N1 million for individual and N10 million for corporate, subject to a maximum of N25 million (Individual) and N250 million (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.” [/i]

Source: https://www.legit.ng/business-economy/economy/1472876-new-cbn-rule-mandates-bank-customers-indemnify-banks-for-transfers-above-n1-million/

myn44

OAM4J

APC Government no go kill person with their useless policies

Okay

Me I sha know say if i survive this regime 2023 I'm updating my CV and adding Buhari 8years rule to it how I survive hell on earth....

Emiefile! This man hates bank customers and Nigerians. He is the one giving Buhari information on taxing Nigerians heavily using rat model. This is the man that reintroduced ATM charges that Sanusi cancelled.
We waited to pay him back but he realized and went back to his job.

Emefiele and useless policies...

God will help us

Emiefele should be sacked already. What is this dumb ass still doing there ?

Una dey crazy

The masses always suffer
They will lie to us in the name of promises and still lie that they never lied to us.
No body cares if you haven't eaten but everyone wants from your share when things begin to tick well for you.

thunder scatter Emefiele

Raelly

Oyyana

Vg

B

Emefiele doing his best to match Buhari's record

Oyegun for president

Make DEM kuku kill us

I dont understand this. What does it really mean?

Crypto all the way

Even Buhari get sense pass Emefiele.

Very useless policies always targeted at taking more from the poor masses.

no sense in this

b4 it was stamp, that one no even last

So,if money hang for air while using Bank's technology...na on my head

Which kain nonsense thing be this..na me develop or own the platform being used to transfer my funds

If dey wan withdraw the cash go deposit am for beneficiary's account...you go talk cashless policy that you can't give such huge cash..

Which kain wahala be this...will this not defeat cashless policy so Na to dey save money inside sakasaka and carry am to beneficiaries bank to make deposit.

Nonsense!