The Central Bank of Nigeria, on Saturday , directed all commercial banks to resolve disputes arising from use of Unstructured Supplementary Service Data (USSD ) channel within three days .
Mr Dipo Fatokun , CBN’ s Director , Banking and Payment Systems Department , gave the directive at the ‘ Meet The Executive ’ forum organised by Finance Correspondents Association of Nigeria (FICAN) in Lagos .
Fatokun , represented by Assistant Director, Banking and Payments System Department , Mr Taiwo Oladimeji , said such resolution would help build more confidence in the payment system and bring more people into the financial services net .
The director said some provisions of the regulatory framework for USSD were meant to make the channel more effective .
He listed some of the provisions as authentication measures for transactions , International Mobile Subscriber Identity (IMSI), Date of SIM Swap , Date of Device change , International Mobile Equipment Identity ( IMEI ).
The director said the maximum USSD transaction limit remained N 100 , 000 per customer daily , and that any amount above that required customers to execute indemnity at the bank .
“ USSD transactions above N 20, 000 require two - factor authentication (2 FA) .
“ No USSD financial service should be activated for customers unless the deactivation mechanism is put in place with effect from October , 2018 .
“ In addition, the CBN is currently working to properly structure and formalise the sandbox arrangement in Nigeria by collaborating with some infrastructure providers like the Nigeria Interbank Settlement System (NIBSS ) to interact with FinTechs , ” he said .
Fatokun , however, said the financial system was undergoing transformation through technology , and that it was not only peculiar to the financial services sector but all sectors of human endeavours .
“ We are seeing new operators with technology savvy , more efficient models , and collaborations among new entrants as well as established participants in payments systems in ways that exhibit regulatory challenges.
“ To meet up with the challenges , some countries have adopted regulatory sandbox approach which is not totally novel to the CBN.
“ We are , however, working to properly structure and formalise the sandbox arrangement in Nigeria by collaborating with some infrastructure providers to interact with FinTechs , ” he said .
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