Nigeria: CBN Moves to Protect Fraud Through USSD Banking

8 September 2017

With all the banks in the country now having Unstructured Supplementary Service Data (USSD) codes for banking transactions, the Central Bank of Nigeria (CBN) has issued an exposure draft regulatory framework for the use of USSD codes in the country.

The regulatory framework according to the apex bank is to ensure that the vulnerabilities in the technology world does not put customers' fund at risk. CBN's director, banking and payment systems 'Dipo Fatokun had earlier noted that the apex bank was in discussions with the banks to ensure the safety of customer funds through the USSD baking platforms.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.