The Central Bank of
The CBN, in a circular signed by Director,
Under the Highly Secured Online Fund Transfer, the apex bank stated that Daily Limit for instant Value for Individual is N1 million, while Corporate is N10 million; The Daily Limit for Next Working Day Value for Individual: N10 million and Corporate: N100 million.
According to Fatokun " Limit of N1 million (Instant value) and N10 million (Next day value) shall be applied for NIP and NIBSS Electronic Fund Transfer, NEFT respectively, and other electronic payments options with similar features, initiated by individuals, with effect from
There shall be no limit on the amount that can be received into a customer's bank account from the platform. For same day value (NIP), the maximum amount that can be transferred by an individual (cumulative) is N5 million."
The guidelines further stated that a customer shall issue a written indemnity to the bank, where they chooses to initiate transactions above the limit specified in the Highly Secured Online Fund Transfer, subject to maximum of N5 million and N100 million for Individual and Corporate customers respectively.
Other conditions in the guidelines is that " Banks are to establish internal procedures /policies for variants of the N5 million limits; Transactions above the N1 million limit could be delayed by the receiving bank for not more than one hour (as opposed to the current two minutes), before applying credit."
According to the guidelines " Transfers above N100 million shall be effected through the Real Time Gross Settlement System (RTGS). Banks are expected to return unapplied funds within 10 minutes, where their fraud/risk management system flag such as suspicious or fraudulent and Banks are also expected to communicate the aforementioned policies clearly to their customers and give adequate notice before implementation."
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