Reports have it that the Central Bank Of Nigeria (CBN) has ordered that customers should pay indemnities from their secured online funds from 1 million naira and above.
The development was made known through a statement released by the Director of Payments System Management Department identified as Musa Jimoh, which is titled “Review of operations of the Nigerian Interbank Settlement System, NIBSS, Instant Payments System and other electronic payment options with similar features.”
The full statement reads;
“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.”
