RESOLVE FUND TRANSFER ISSUES WITHIN 48 HRS.....CBN PROPOSES

Soon, Banks in Nigeria will asked to resolve customer mobile phone financial transaction issues within 48 hours or face sanctions.

That is, if none objects successfully to the proposal by the Central Bank of Nigeria dated September 7 with a September 21, 2017 as deadline for inputs from stakeholders.

The exposure draft attached to a letter signed by Dipo Fatokun, Director Banking and Payments systems department of the CBN, tries to establish the framework for financial transactions through mobile phones using the Unstructured Supplemary Service Data (USSD) option.

This option usually starts with * and ends the code with # now increasingly being adopted in Nigeria for account opening; enquiries especially of balance; money transfer; airtime buying and selling; bill payment and internet /mobile banking details retrieval.

Under the framework, financial institutions have additional responsibility for proper message authentication mechanism; secure transactions; dedicated use of the channel only for the purpose it was established.

Many, says the CBN, are adopting USSD because it is cost effective, more userfriendly, faster and flows well with handsets.

The proposed framework can be accessed through the CBN website and inputs by e-mail should be sent to pspo@cbn.gov.ng before or on the 21st of this month

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