The Central Bank of Nigeria (CBN) yesterday pegged maximum daily transactions through mobile phone- Unstructured Supplementary Service Data (USSD)— at N100,000. .
The implementation of the policy starts June 1. Due to absence of set rules on USSD transactions, many commercial banks allow various limits, ranging from N100,000 to N500,000 and above in some cases, depending on customers’ risk absorption levels. .
This has exposed many customers’ transactions to high risk, with billions of naira lost to fraudsters. .
The new framework was signed by CBN Director, Banking & Payments System Department, Dipo Fatokun. The USSD technology is a protocol used by the GSM network to communicate with a service provider’s platform.