CBN orders banks to seek compensation for transfers over N1m

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The Central Bank of Nigeria (CBN) has asked Nigerian banks to collect compensation from their customers for highly secure online money transfers of N1 million for individuals and N10 million for individuals. businesses.

However, the apex bank has set an upper limit on the transferable amount at N25 million and N250 million respectively for individuals and businesses.

The directive comes as Nigeria enters a period of rising money supply due to politics.

Indemnification is the payment of compensation to one party by the other for any loss that has occurred.

Banks will therefore feel assured in the event of a problem after the execution of transfer requests by customers.

CBN disclosed this in a circular on Thursday titled: “Review of the Operations of the Nigerian Inter-Bank Settlement System (NIBSS) Instant Payment System and other electronic payment options with similar characteristics.”

The circular signed by the director of the payment system management department, Musa Jimoh, said: “Following the circular on the subject above referenced BPS/DIR/GEN/CIR/01/011 and dated August 13, 2014 , banks are required to comply with the following:

Also read: CBN orders banks and fintech companies to seek customer consent before sharing personal data

“To accept compensation from customers for highly secure online funds transfer in excess of N1 million for individuals and N10 million for businesses, subject to a maximum of N25 million (individuals) and N250 million naira…

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