Bank Customers To Produce Indemnity For Online Transfers Above N1m – CBN

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The Central Bank of Nigeria has ordered banks and Payment Service Providers to accept indemnity. Indemnity from customers for highly secured online funds transfers.

It stated this in a circular signed by the Director, “Accept indemnity from customers for highly secured online funds transfer. “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. The CBN said the hubs would be located in areas with high volumes of commercial activities and cash transactions.

It stated that the hubs would provide a platform for customers. To make cash deposits and receive value irrespective of the bank . “This guideline aims to provide minimum standards and requirements for BNCH registration and operations for effective supervision.

According to the CBN, the key objective of setting up the BNCH was to reduce the risks and cost borne by banks. The CBN said the BNCH’s duties included receipt of naira denominated deposits on behalf of financial institutions from individuals.


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