Perhaps you have used some codes by your bank to transfer money. From June this year, you will not be able to send more than 100,000 naira.

The Central Bank of Nigeria, CBN has issued new guidelines that will see significant changes in the use of Unstructured Supplementary Service Data, USSD in funds transfer.

Here are 5 things you need to know about the new guidelines:

1. You Now require A PIN To Use USSD: By now, you may have received a text message from your bank telling you that you now need a Personal Identification Number, PIN to operate its USSD.

Well, that is because the CBN has mandated all banks and other mobile money operators to do so. Before now, there was no need for a PIN, the last 4 digits of your debit card number served as one, with your phone number to authenticate transaction.

2. You Can’t Send More Than 100,000 Naira In A Day: So, before now, some banks allowed customers to transfer up to 500,000 naira in a single transaction per day. Some others even allowed up to a million-naira threshold. But from June this year, no customer will be able to transfer more than 100,000 naira per day.

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However, the CBN circular noted that “Customers desirous of higher limits shall execute documented indemnities with their banks or mobile money operators”.

3. Transactions Above 20,000 Naira Will Require 2 Steps Verification: Besides the PIN that you will have to create for your account, the CBN has also mandated “the use of an effective 2nd factor authentication (2FA) by customers for all transactions above 20,000 naira.

“This shall be in addition to the PIN being used as 1st level authenticator, which applies to all transaction amounts.”

According to the CBN, the service provider “shall not send the 2FA to the customer’s registered GSM number or device; and it shall not be generated or displayed on the USSD menu.”

It added that by end of October this year, the service providers must also “install a Behavioural Monitoring system with capability to detect SIM-Swap/Churn status, user location, unusual transactions at weekends, etc”.

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4. Cases Of Failed Or Fraudulent Transactions Must Be Resolved Within 3 Days: So, if you notice anything fishy on your account or your transaction fails and couldn’t automatically retrieve, you shall report to the financial institution which shall be responsible for setting up dispute resolution mechanism to facilitate resolution of customers’ complaints.

The CBN has mandated in the guideline that all “financial institutions shall treat and resolve any customer related issues within 3 (three) working days. Non-compliance shall be subject to penalty, as may be prescribed by the CBN, from time to time".

5. You Will Be Able To Block Your Account From Operating USSD Service: The CBN guideline now makes it mandatory for all service providers to put in place systems that enable users/subscribers to block their account from operating USSD service.

“No USSD financial service should be activated for customer unless the deactivation mechanism is put in place with effect from June 2018,” the CBN circular said.

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