The Central Bank of Nigeria has set the maximum amount a bank customer can transfer via mobile phones using shortcodes at N100,000.
In a statement signed by Director, Banking and Payment systems of CBN, Dipo Fatokun, the decision was made because of the risks associated with mobile banking.
This was contained in a tweet on the apex bank’s Twitter handle.“Concerns have been expressed on the likely exposure of CBN-approved entities to the possible breaching of the Unstructured Supplementary Service Data (USSD) accessed by financial services in view of likely vulnerabilities in the technology and the ever-growing threats,” the electronic circular read:
#CBN releases circular on the Regulatory Framework for the Use of Unstructured Supplementary Service Data (USSD) in the Nigerian Financial System http://ow.ly/Nokx30jHaGw