All Mobile Banking Transaction With USSD Code Now Capped At N100,000 Daily Limit
The Central Bank of Nigeria (CBN) have mandated all commercial banks in the country to set a daily limit of N100,000 for all transactions carried out through mobile Unstructured Supplementary Service Data popularly known as USSD code mobile banking platform.
This was in the wake of heightened security risks involved in carrying out transactions of higher amount through the mobile USSD code channel.
Prior to now and due to absence of set rules in the use of USSD mobile transactions, different banks have set their own rules with different daily transaction limits ranging from N200,000 to as high as N1,000,000.
In order to make transaction easier and more comfortable for bank customers, eveb for those with 2G network mobile devices that lack internet access, banks have long before now introduced the mobile USSD code channel, which is entirely different from the use banks mobile app that requires internet connectivity for every transaction.
Almost all banks have adopted the USSD code banking transaction channel that usually constitute a unique set of code for each bank starting with * and ending with # in most cases and transaction can be done with virtually all type of mobile device.
The new daily transaction limit of N100,000 set by CBN is to take effect across the country starting from the 1st day of June 2018.
This was in the wake of heightened security risks involved in carrying out transactions of higher amount through the mobile USSD code channel.
Prior to now and due to absence of set rules in the use of USSD mobile transactions, different banks have set their own rules with different daily transaction limits ranging from N200,000 to as high as N1,000,000.
In order to make transaction easier and more comfortable for bank customers, eveb for those with 2G network mobile devices that lack internet access, banks have long before now introduced the mobile USSD code channel, which is entirely different from the use banks mobile app that requires internet connectivity for every transaction.
Almost all banks have adopted the USSD code banking transaction channel that usually constitute a unique set of code for each bank starting with * and ending with # in most cases and transaction can be done with virtually all type of mobile device.
The new daily transaction limit of N100,000 set by CBN is to take effect across the country starting from the 1st day of June 2018.
All Mobile Banking Transaction With USSD Code Now Capped At N100,000 Daily Limit
Reviewed by Edwin Akwudolu
on
2:37:00 PM
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Reviewed by Edwin Akwudolu
on
2:37:00 PM
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