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All bank customers are required to pay indemnity for transfers above N1 million, according to CBN

Godwin Emefiele CBN

The Central Bank of Nigeria (CBN) has instructed banks to collect indemnities from their customers for highly secure online financial transfers of N1 million or more for individual customers and N10 million for corporate customers.

However, the apex bank set a transferrable amount restriction of N25 million for individual accounts and N250 million for corporate customers.

The indemnity was designed to hold customers liable for any infringements or risk stemming from such transfers.

The CBN announced this in a circular headed “Review of operations of the Nigerian Interbank Settlement System, NIBSS, Instant Payments System, and other electronic payment systems with similar features,” which was released yesterday.

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