Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/01/006

Title: Re: Circular on the Review of Operations of the NIBSS Instant Payments System and other Electronic Payment Options with Similar Features

Summary: Financial institutions are required to accept indemnity from customers for highly secured online funds transfers, with different limits based on whether the customer is an individual or a corporation. They must provide customers with the option of electronic or paper indemnity, and implement electronic indemnity with stricter controls that include biometric verification of identity. They must also adhere to multiple factor authentication for highly secured online funds transfers and inform customers about the use of indemnity to increase transaction limits.

Posted on: Thursday, May 26, 2022

Download: PSM/DIR/PUB/CIR/01/006