The Central Bank of Nigeria has directed banks and Payment Service Providers to accept indemnity from customers for highly secured online funds transfers.
Banks are hereby directed that customers should provide indemnity for online transactions above N1m for individual and N10m for corporate, subject to a maximum of N25m (individual) and N250m (corporate).
The apex bank made this known in a circular signed by the Director, Payments System Management Department, Musa Jimoh.
The circular with reference number – PSM/DIR/PUB/CIR/01/006 was titled “Circular on the review of operations of the NIBSS Instant Payments System and other electronic payment options with similar features”.
The CBN directed that the deposit money banks should provide customers with the option of electronic or paper indemnity based on the customer’s preference.
It gave further directives that banks should implement electronic indemnity with stricter controls requiring biometric verification of identity and adhere to multiple factor authentication for highly secured online funds transfer.