CBN Raises Online Transfer Limit To N25 Million And N250million For Individuals And Companies Respectively.

The Central Bank of Nigeria (CBN) has raised the limit for ‘Highly Secured Online Funds Transfer’. This begins from N100 million to N250 million for companies and from N10 million to N25 million for individuals.
This is according to a recently released circular by the Central Bank of Nigeria, signed by Musa I. Jimoh, Director, Payments System Management Department. This revision would influence the operations of the NIBSS Instant Payments System.

However, CBN states that NIBSS Instant Payments System and other Electronic Payment Options must accept an indemnity from customers. Especially for Highly Secured Online Funds transfer above N1m for individual and N10m for corporate, subject to a maximum of N25m (Individual) and N250m (Corporate).

The CBN told the Payments System operators to “provide customers with the option of electronic or paper indemnity based on the customer’s preference and Implement electronic indemnity with stricter controls requiring biometric verification of identity”

Recently, between January and April, the Nigeria Inter-Bank Settlement Systems (NIBSS) reported that transactions totaling N114.8 trillion got electronically completed. The transactions via the NIBSS Instant Payment technology (NIP). According to NIBSS data, the NIP volume increased by 4% to 1.4 billion.

-Nairametrics.