{"id":27673,"date":"2022-06-03T04:30:21","date_gmt":"2022-06-03T04:30:21","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=27673"},"modified":"2022-06-03T04:30:21","modified_gmt":"2022-06-03T04:30:21","slug":"cbn-reviews-operations-of-nibbs-instant-payments-system-others","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/06\/03\/cbn-reviews-operations-of-nibbs-instant-payments-system-others\/","title":{"rendered":"CBN reviews operations of NIBBS instant payments system, others"},"content":{"rendered":"
\n

\u00a0The CBN has reviewed upwards, the operations of the Nigeria Inter-Bank Settlement System (NIBSS) and other electronic payment operations.<\/span><\/h1>\n<\/header>\n
\n

This is contained in a circular by Musa Jimoh, Director, Payments System Management Department<\/a> of the bank.<\/p>\n

Jimoh stated that the review was in furtherance of a 2014 circular on the subject.<\/p>\n

\u201cBanks are hereby required to comply with the following:<\/p>\n

\u201cAccept indemnity from customers for highly secured online funds transfer above N1 million Naira for individual customers and N10 million for corporate customers subject to a maximum of N25 million (Individual) and N250 million (Corporate);<\/p>\n

\u201cProvide customers<\/a> with the option of electronic or paper indemnity based on customer\u2019s preference;<\/p>\n

\u201cImplement electronic indemnity with stricter controls requiring biometric verification of identity,\u2019\u2019 he stated.<\/p>\n

He added that banks should adhere to Multiple Factor Authentication for \u201chighly secured\u2019\u2019 online funds transfer.<\/p>\n

\u201cThey should inform and educate customers on the use of indemnity to increase transaction limits where applicable,\u2019\u2019 he stated.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u00a0The CBN has reviewed upwards, the operations of the Nigeria Inter-Bank Settlement System (NIBSS) and other electronic payment operations. This is contained in a circular by Musa Jimoh, Director, Payments System Management Department of the bank. Jimoh stated that the review was in furtherance of a 2014 circular on the subject. \u201cBanks are hereby required […]<\/p>\n","protected":false},"author":4,"featured_media":14861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[11],"tags":[5602,5603,4849],"class_list":["post-27673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro","tag-biometric","tag-control","tag-customers"],"yoast_head":"\nCBN reviews operations of NIBBS instant payments system, others » BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/06\/03\/cbn-reviews-operations-of-nibbs-instant-payments-system-others\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN reviews operations of NIBBS instant payments system, others\" \/>\n<meta property=\"og:description\" content=\"\u00a0The CBN has reviewed upwards, the operations of the Nigeria Inter-Bank Settlement System (NIBSS) and other electronic payment operations. 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