CBN Extends New USSD Framework Implementation Date To October 1
Within the last days of April 2018, the CBN announced new guidelines on the use of Unstructured Supplementary Service Data, USSD in the financial system.
The implementation of the new guidelines was supposed to start by June 1, but the apex bank has now extended the implementation date to October 1, 2018.
The bank noted that the extension became necessary in order to fully realize the objective of the framework.
In the new guidelines, the CBN set transactions limit to 100,000 naira per day and customers who want a higher limit shall execute an indemnity with their banks.Also Read: See What Emefiele & Adeosun Think Of Nigerian Economy
Also, there will henceforth be a two-factor authentication for transactions above 20,000 naira.
Meanwhile, the two-factor authentication shall not be sent to the customer’s device or displayed on the USSD menu.
More so, banks are to install a Behavioural Monitoring system with a capability to detect SIM-Swap/Churn status, user location, unusual transactions at weekends, etc. This must be achieved by 31st October 2018, according to the new guidelines.
In the same vein, service providers should put in place systems that enable users/subscribers to block their account from operating USSD service and no USSD Financial Service should be activated for a customer unless the deactivation mechanism is put in place with effect from June 2018.
Financial Institutions shall be responsible for setting up dispute resolution mechanism to facilitate resolution of customers’ complaints.
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