Bank customers will now need to issue payment orders for secured online transactions.

This new standard is published in circular number: PSM / DIR / PUB / CIR / 01/006, issued and approved by the Central Bank of Nigeria by Director, Payment Management Department, Musa Jimoh.

The section entitled ”Revolution on review of NIBSS Instant Payment Services and other electronic payment options similar” released on Thursday, June 2, reads;

“Continuing with the letter and reference above BSP / DIR / GEN / CIR / 01/011 and as of August 13, 2014, banks should now follow the following:

“Receiving payment from customers for transferring secure internet payments is higher than N1m per person and N10m per company, depending on N25m (per person) and N250m (corporate).

“Give customers the option of paying electronically or on paper based on customer preferences.

“Implementing electronic rewards and robust controls that require biometric identification.

“Focusing on certification is a significant factor for secure internet payment.

“Go and inform and educate clients on using debt consolidation to maximize business where possible.”

Apex Bank has also published Guidelines for Registration & Operation of Bank Neutral Cash Hubs in Nigeria, which recognizes that BNCH is a subsidiary of licensed companies (Deposit Banks) or Deposit Banks based on business interest. . .

The port should be in an area with excellent commercial and financial services; it should be an altar for customers who invest and make a profit regardless of the bank in which their account is located.

He added;

“This guide aims to provide minimum standards and requirements for BNCH registration and events for effective monitoring.”

The Central Bank also stated that the main objective of the BNCH foundation is to reduce the risk and cost to banks, customers, and senior managers affecting financial management services, deep investment, and upgrades and server services to promote costly management.

BNCH services include receiving payments in financial assistance from individuals and companies with significant financial resources, disbursing the naira in the form of financial institutions to individuals and expensive businesses, and other services that apex banks can provide.