It stated this in a circular signed by the Director,
Payments System Management Department, Musa Jimoh, with the reference number:
PSM/DIR/PUB/CIR/01/006, titled ‘Circular on the review of operations of the
NIBSS Instant Payments System and other electronic payment options with similar
features’, which was released on Thursday.
The circular stated that “Further to the circular on the
above reference BSP/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 N1m for individual and N10m for corporate, subject to a
maximum of N25m (individual) and N250m (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 identify.
“Adhere to multiple factor authentication for highly secured
online funds transfer.
“Inform and educate customers on the use of indemnity to
increase transaction limits where possible.”
The CBN also released another guideline titled ‘Guidelines
for the registration & operation of Bank Neutral Cash Hubs in Nigeria’.
It stated in the guidelines that BNCHs were cash collection
centers to be established by registered (licensed) processing companies or
Deposit Money Banks based on business needs.
The CBN said the hubs would be located in areas with high
volumes of commercial activities and cash transactions.
It further stated that the hubs would provide a platform for
customers to make cash deposits and receive value irrespective of the bank with
which their account is domiciled.
“This guideline aims to provide minimum standards and
requirements for BNCH registration and operations for effective supervision,”
the CBN stated.
According to the CBN, the key objective of setting up the
BNCH was to reduce the risks and cost borne by banks, merchants and huge cash
handlers in the course of cash management activities; deepen financial
inclusion, and leverage on shared services to enhance cash management
efficiency.
The CBN said the BNCH’s duties included receipt of naira
denominated deposits on behalf of financial institutions from individuals and
businesses with high volumes of cash; disbursement of naira- denominated
withdrawals on behalf of financial institutions to individuals and businesses
with high volumes of cash, and any other activities that might be permitted by
the apex bank.
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