• Home
  • About
  • Blog
  • Advertise
  • Contact
No Result
View All Result
Ideasgist
NEWSLETTER
Advert for @ideasbeams
  • Home
  • MediaHot
  • TechnologyNew
  • Education
    • School
    • Jamb
    • University
    • Polytechnic
    • College of Education
  • Sport
    • Football
  • NewsTrending
    • Politics
    • Local
    • World
  • Entertainment
    • Celebrities
    • Media
  • Lifestyle
    • Fashion
    • Health
    • Relationship
  • More Topics
    • Business
    • Banking
    • Telecom
    • Job
  • Home
  • MediaHot
  • TechnologyNew
  • Education
    • School
    • Jamb
    • University
    • Polytechnic
    • College of Education
  • Sport
    • Football
  • NewsTrending
    • Politics
    • Local
    • World
  • Entertainment
    • Celebrities
    • Media
  • Lifestyle
    • Fashion
    • Health
    • Relationship
  • More Topics
    • Business
    • Banking
    • Telecom
    • Job
No Result
View All Result
Ideasgist
No Result
View All Result
  • Home
  • Media
  • Technology
  • Education
  • Sport
  • News
  • Entertainment
  • Lifestyle
  • More Topics
Ideasgist Advert Ideasgist Advert Ideasgist Advert
ADVERTISEMENT
Home Banking

New CBN Policy Offload Risks And Liabilities Of Transaction On Customers

by Oluwaseyi Olaniyi
June 4, 2022
in Banking
Reading Time: 2 mins read
A A
Report Banks Hoarding Forex, CBN Tells Nigerians

Nigeria’s apex bank, the Central Bank of Nigeria has issued a new directive mandating bank customers to pay indemnity on bank transfers above N1 million for individuals and N10 million for corporate organizations.

The CBN pegged an upper limit on the amount transferable at N25 million and N250 million for individuals and corporate customers respectively.

CBN offloads risks and liabilities on customers

Vanguard reports that the new directive is to absolve the banks and put liabilities for any breach or risks arising from such transfers on the bank customers.

AlsoRead:

CBN Raises Online Transfer Limit To N25 Million And N250million For Individuals And Companies Respectively

How to Open Domiciliary Account In First Bank

Access Bank Collaborates With Federal Government To Roll Out GEEP 2.0 In All 36 States And The FCT

CBN stated on Thursday, May 2, 2022, in a circular issued to banks on the Review of operations of the Nigerian Interbank Settlement System (NIBSS) Instant Payments System and other e-payment options with the same features. The circular conveying the directive was signed by the Director of Payments System Management Department, Musa Jimoh.

The circular said: [I]“Further to the Circular on the above subject referenced BPS/DIR/GEN/CIR/01/011 and dated August 13, 2014, banks are hereby required to comply with the following:

“Accept indemnity from customers for ‘Highly Secured Online Funds Transfer above N1 million for individual and N10 million for corporate, subject to a maximum of N25 million (Individual) and N250 million (Corporate);

“Provide customers with the option of electronic or paper indemnity based on the customer’s preference; Implement electronic indemnity with stricter controls requiring biometric verification of identity;

“Adhere to multiple factor authentication (MFA) for ‘Highly Secured Online Funds Transfer; Inform and educate customers on the use of indemnity to increase transaction limits where applicable.”

Key Points

1. The Central Bank of Nigeria has issued a new directive to banks asking them to charge indemnity on transfers above N 1 million for individuals and N10 million for corporate bodies

2. The new rule also pegged a higher limit on transfers above N200 million for individuals and N250 million for corporate organisations

3. The order is meant to insulate the banks from any loss or risks associated with the transactions and place the liability on the customers


Like us on Facebook. Follow us Twitter and Instagram. Subscribe to our YouTube Channel. Join our WhatsApp Group and Telegram Channel. Read more on Latest News, Tech News, Media and lot more.

SUBSCRIBE TO OUR NEWSLETTER





Tags: cbnTransaction
ShareTweetSendShare
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.
ADVERTISEMENT
Previous Post

Monkeypox Can Be Transmitted Through Sex – NCDC Reveals

Next Post

Mother Abandons Newborn Baby With Placenta Still Attached In Bauchi

Oluwaseyi Olaniyi

Oluwaseyi Olaniyi

Related Posts

World Bank Say CBN’s Policies Continues To Damage Nigeria’s Business Environment
News

World Bank Say CBN’s Policies Continues To Damage Nigeria’s Business Environment

June 20, 2022
CBN Launches eNaira Website
Business

CBN To Introduce USSD Code To Boost eNaira

June 11, 2022
CBN Raises Online Transfer Limit To N25 Million And N250million For Individuals And Companies Respectively
Banking

CBN Raises Online Transfer Limit To N25 Million And N250million For Individuals And Companies Respectively

June 3, 2022
Presidential Bid: INEC, CBN Partnership Under Threat Over Emefiele’s APC Membership
News

Presidential Bid: INEC, CBN Partnership Under Threat Over Emefiele’s APC Membership

May 10, 2022
CBN Introduces New Charges For USSD Services
Banking

CBN Warns Nigerian Banks To Be Vigilant Of Transactions Related To The Benin Republic

May 5, 2022
Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose
News

Senate Confirms Seven CBN’s Monetary Policy Committee Members [See Full List]

March 23, 2022
Load More
Next Post
Mother Abandons Newborn Baby With Placenta Still Attached In Bauchi

Mother Abandons Newborn Baby With Placenta Still Attached In Bauchi

Please login to join discussion
  • Trending
  • Comments
  • Latest
SSANU, NASU Begin Strike, Cripple Activities In UNILAG

Strike: FG Yet To Respond To Reports Of Renegotiation Committee – ASUU

June 21, 2022
Rivers United Wins 2021/2022 Nigeria Premier Football League Season

Rivers United Wins 2021/2022 Nigeria Premier Football League Season

June 26, 2022
Gionee G13 Pro Price In Nigeria, Full Speculation

Gionee G13 Pro Price In Nigeria, Full Speculation

February 4, 2022

HND: How To Check Your CBT Result

October 20, 2019
Facebook, Instagram Users Can Now Ask ‘Oversight’ Panel To Teview Decisions Not To Remove Content

Facebook, Instagram To Open New Channels For Content Creators To Make Money

June 21, 2022
Sexual Misconduct: OAU, UNIABUJA Dismiss Four Profs, 14 Others

Sexual Misconduct: OAU, UNIABUJA Dismiss Four Profs, 14 Others

June 21, 2022

HND ORAL INTERVIEW SCREENING DATE & REQUIREMENTS

October 17, 2017
World Bank Say CBN’s Policies Continues To Damage Nigeria’s Business Environment

World Bank Say CBN’s Policies Continues To Damage Nigeria’s Business Environment

June 20, 2022

How to generate OTP for GTBank without Hardware Token

November 24, 2019
Oppo Reno7 Lite 5G/ F21 Pro 5G review

Oppo Reno7 Lite 5G/ F21 Pro 5G review

June 25, 2022
Monkeypox Not Global Health Emergency Yet – WHO

Monkeypox Not Global Health Emergency Yet – WHO

June 26, 2022
Rivers United Wins 2021/2022 Nigeria Premier Football League Season

Rivers United Wins 2021/2022 Nigeria Premier Football League Season

June 26, 2022
‘We Lost Twitter Headquarters To Ghana Due To EndSARS Protest’ – Lai Mohammed

Twitter Rolls Out New Features To Enhance User Experience

June 26, 2022
ASUU: Universities To Reopen In January 2021 – Ngige

‘Adopt UTAS’ – ASUU Proffers Solution To Ongoing Strike

June 26, 2022
EPL: Cristiano Ronaldo In Shock Move To Chelsea

EPL: Cristiano Ronaldo In Shock Move To Chelsea

June 25, 2022
Super Eagles Striker Taiwo Awoniyi Joins Nottingham Forest For Club Record Fee

Super Eagles Striker Taiwo Awoniyi Joins Nottingham Forest For Club Record Fee

June 25, 2022
Xiaomi Redmi Note 11S 5G review

Xiaomi Redmi Note 11S 5G review

June 25, 2022
“Once A Boxer, Always A Boxer” – Actor Taiwo Hassan Explains Why He ‘Roughed-up’ An Agbero (VIDEO)

“Once A Boxer, Always A Boxer” – Actor Taiwo Hassan Explains Why He ‘Roughed-up’ An Agbero (VIDEO)

June 25, 2022
Oppo Reno7 Lite 5G/ F21 Pro 5G review

Oppo Reno7 Lite 5G/ F21 Pro 5G review

June 25, 2022
Microsoft To End Support For Windows 8.1 By January 2023

Microsoft To End Support For Windows 8.1 By January 2023

June 25, 2022
Facebook Instagram Twitter Youtube TikTok Telegram

An online media website for latest news and updates in Technology, Business, Education, Sports, Politics, Entertainment, Health, Fashion...and many more.

About

  • Advertise
  • Contact
  • Newsletter

Quick Links

  • Privacy
  • Terms of Use
  • DMCA

2021 Ideasgist ™ | All rights reserved.
A trademarks of Ideasbeams Int'l.

No Result
View All Result
  • Home
  • Media
  • Technology
  • Education
    • School
    • Jamb
    • University
    • Polytechnic
    • College of Education
  • Sport
    • Football
  • News
    • Politics
    • Local
    • World
  • Entertainment
    • Celebrities
    • Media
  • Lifestyle
    • Fashion
    • Health
    • Relationship
  • More Topics
    • Business
    • Banking
    • Telecom
    • Job

2021 Ideasgist ™ | All rights reserved.
A trademarks of Ideasbeams Int'l.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?