The Central Bank of Nigeria says the daily limit of funds transfer from mobile phones using short codes will now be N100,000.

In a circular released on Thursday 27TH OF April and signed by Dipo Fatokun, director, banking and payment system department, the bank said the decision was made because of the risk associated to mobile banking.

“Concerns have been expressed on the likely exposure of CBN approved entities to the possible breaching of the USSD accessed financial services in view of likely vulnerabilities in the technology and the ever-growing threats,” the circular read.

According to the circular, transactions over N20,000 will require a pin and soft token.

Watch the video to see how you can buy anything, anywhere online above the CBN policy.


https://www.youtube.com/watch?v=KCimQkjaLwg