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Nigeria: Apex bank sets deadline on online funds transfer status

The Central Bank of Nigeria (CBN) has given the commercial banks operating in the country 31 Dec. 2014 as the deadline to achieve the “Highly Secured Online Funds Transfer” status, according to a statement posted on the Bank’s website.  

Apart from setting the deadline, the apex bank also announced new guidelines for online funds transfer for the 23 operating banks in the country.  

“Banks are to establish internal procedures/policies for variants of the N5 million limits; Transactions above the N1 million limit could be delayed by the receiving bank for not more than one hour (as opposed to the current two minutes), before applying credit,” the statement said.

CBN said the decision to set the deadline and new guidelines was to further strengthen the risk aversion measures put in place for the operators of the Nigeria Inter-bank Banks Settlement System (NIBSS) Instant Payment System and other electronic payments options with similar features.

Under the Highly Secured Online Fund Transfer, CBN said the Daily Limit for instant Value for Individual is 1 million naira, while Corporate is 10 million naira. The Daily Limit for Next Working Day Value for Individual: 10 million naira and Corporate: N100 million naira.

In addition, the guidelines said a customer shall issue a written indemnity to the bank, where he/she chooses to initiate transactions above the limit specified in the Highly Secured Online Fund Transfer, subject to maximum of 5 million naira for an individual and 100 million naira for Corporate customers.


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