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CBN Pegs Daily Mobile Transactions at N100, 000

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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 signed by CBN Director, Banking & Payments System Department, ‘Dipo Fatokun said vast applications of the USSD technology, in terms of available services have raised the issue of the risks inherent in the channel.

The USSD technology is a protocol used by the GSM network to communicate with a service provider’s platform. It is a session based, real time messaging communication technology, which is accessed through a string, which starts normally with asterisk (*) and ends with a hash (#). It is considered cost effective, more user-friendly, faster in concluding transactions, and handset agnostic.

The framework noted concerns on the likely exposure of CBN approved entities to the possible breaching of the USSD accessed financial services in view of likely vulnerabilities in the technology and the ever growing threats.

Fatokun said the policy shift was in furtherance of CBN’s mandate to develop and enhance security of the electronic payment system. The implementation of the policy starts June 1, 2018.

Fatokun had in a circular to banks, switches, Mobile Money Operators (MMOs), Payment Solution Service Providers, Microfinance banks, among others, Fatokun said although the N100,000 limit per customer, per day for transactions applies, customers desirous of higher limits shall execute documented indemnities with their banks or MMOs.

The CBN, he said, has also mandated the use of an effective second factor authentication by customers for all transactions above N20,000. This, he said, shall apply in addition to the Personal Identification Number (PIN) being used as first level authenticator, which applies to all transaction amounts.

According to the framework, banks shall not send the second factor authentication to the customer’s registered GSM number or device; and it shall not be generated or displayed on the USSD menu.

Banks, it added, are also required to install a Behavioural Monitoring system with capability to detect SIM-Swap/Churn status, user location, un-usual transactions at weekends, among others. This shall be achieved by 31st October 2018.

The framework said financial Institutions shall be responsible for setting up dispute resolution mechanism to facilitate resolution of customers’ complaints and shall treat and resolve any customer related issues within three working days. Also, non-compliance shall be subject to penalty, as may be prescribed by the CBN, from time to time.

“There shall be Service Level Agreement between the Financial Institutions and MNOs/VAS & aggregators, benchmarked against the Nigeria Communication Commission Quality of Service (QoS) regulation and service availability requirements of electronic payment services of the CBN,” it said.

It said service providers should put in place systems that enable users/subscribers to block their account from operating USSD service and that no USSD financial service should be activated for customer unless the deactivation mechanism is put in place with effect from June, 2018.

On penalties for infractions, it said the appropriate Regulator (CBN and/or NCC) as applicable shall impose appropriate sanctions for any contravention on any participant that fails to comply with this framework.

The new framework is in exercise of the powers conferred on the CBN by Section 47(2) of the CBN Act, 2007, to promote and facilitate the development of efficient and effective system for the settlement of transactions.

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Breaking: Dele Momodu Resigns from PDP, Cites Hijack by Antidemocratic Forces

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By Eric Elezuo

Chairman, Ovation Media Group and a former chieftain of the Peoples Democratic Party (PDP), Chief Dele Momodu, has resigned his membership of the party.

Momodu announced his membership via a letter dated July 17, 2025, and addressed to the Chairman, PDP Ward 4, Ihievbe, Owen East Local Government Area, Edo State.

The veteran journalist said he was resigning because the party has been ‘unarguably hijacked by antidemocratic forces from within and outside in broad daylight’.

He insisted that “it is therefore, honorable to abandon the carcass to them while the majority of us earnestly sign up with the new coalition party known as African Democratic Congress (ADC).”

He thanked the PDP for the opportunity and support he received ‘at all times’.

Momodu’s resignation from the PDP came barely 24hours after former Vice President Atiku Abubakar dumped the party.

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Finally, Atiku Resigns Membership of PDP

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Former Vice President Atiku Abubakar has formally resigned his membership of the Peoples Democratic Party (PDP), ending a decades-long relationship with the opposition party he co-founded.

The resignation was confirmed in a letter dated Monday, July 14, and addressed to the chairman of the PDP in Jada 1 Ward, Jada Local Government Area of Adamawa State. A copy of the letter was shared publicly on Wednesday by Atiku’s media aide.

Atiku, who was the PDP’s presidential candidate in the 2023 general election, stated that his decision to leave the party came after reflection on the current direction of the PDP, which he said no longer aligns with its founding values.

The letter read, “I am writing to formally resign my membership from the People’s Democratic Party (PDP) with immediate effect.

“I would like to take this opportunity to express my profound gratitude for the opportunities I have been given by the party.

“Serving two full terms as Vice President of Nigeria and being a presidential candidate twice has been one of the most significant chapters of my life.

“As a founding father of this esteemed party, it is indeed heartbreaking for me to make this decision.

“However, I find it necessary to part ways due to the current trajectory the party has taken, which I believe diverges from the foundational principles we stood for. It is with a heavy heart that I resign, recognising the irreconcilable differences that have emerged.

“I wish the party and its leadership all the best in the future. Thank you once again for the opportunities and support.”

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Buhari’s Remains Arrive Nigeria from London for Burial

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The body of former President Muhammadu Buhari has arrived in Nigeria from London.

The Nigerian Air Force aircraft carrying his remains touched down at the Katsina airport, where it was received by President Bola Tinubu and Governor Dikko Radda of Katsina State, along with senior military officers.

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