CBN Raises Online Transfer Limit

The Central Bank of Nigeria has raised the limit for ‘Highly Secured Online Funds Transfer‘.

NAIRAMETRICS reports CBN has raised transfer limit from N100 million to N250 million for Companies and from N10 million to N25 million for individuals.Information Guide Nigeria

The CBN released this information in a circular signed by Musa I. Jimoh, Director, Payments System Management Department.

As reported by NAIRAMETRICS, the new development will take effect on the operations of the NIBSS Instant Payments System and other Electronic Payment Options with Similar Features in the country.

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According to the circular, NIBSS Instant Payments System and other Electronic Payment Options must “accept indemnity from customers for ‘Highly Secured Online FundsTransfer above N1m for individual and N10m for corporate, subject to a maximum of N25m (Individual) and N250m (Corporate).”Jamb Result

The Apex bank also advised Payments System operators to “provide customers with the option of electronic or paper indemnity based on the customer’s preference and Implement electronic indemnity with stricter controls requiring biometric verification of identity”

“Inform and educate customers on the use of indemnity to increase transaction limits where applicable.”

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