CBN Limits Maximum Daily Mobile Transfer to N100.000

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The CBN has announced the maximum transfer that any customer can make from their mobile phones is N100,000

Dipo Fatokun,Director, banking and payment system of CBN, who made the announcement in a statement made available to journalists said the decision was made known because of the risk associated with mobile banking

The Central Bank of Nigeria (CBN) on Thursday, April 26, declared the daily limit of funds transfer from mobile phones using short codes will now be N100,000.

The statement read: “Concerns have been expressed 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.”

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"Tansactions over N20,000 will require a pin and soft token. The new directive is to be enforced in June 2018.

“Put a limit of N100,000.00 per customer, per day for transactions as may be required. However, customers desirous of higher limits shall execute documented indemnities with their banks or MMOs.

“Mandate the use of an effective 2nd factor authentication (2FA) by customers for all transactions above N20,000. This shall be in addition to the PIN being used as 1st level authenticator, which applies to all transaction amounts.”

Accordingly, the CBN said the second factor authentication should not be sent to the customer’s phone or displayed on the USSD channels.

Customers are also expected to have the freedom of opting out of the service.

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