The Central Bank of Nigeria, CBN, recently introduced guidelines for USSD transactions. Among other things the guidelines include daily limit of N100, 000 on USSD transaction, apparently its in a bid to checkmate fraud through the channel.
Some bank customers who spoke with Financial Vanguard shared the opinion about the limit
It can’t checkmate insider fraud— Elohor Enodiana
This measure of limiting fraud by the Central Bank of Nigeria (CBN) is great but the efficiency of such measure is what I doubt. Bank fraud is perpetrated most by bank staffs. If these people have access to your money, they can defraud you with or without Unstructured Supplementary Service Data (USSD) regulations.
The banks and CBN should concentrate more on purging the system of thieves.
Limit not good for MSMEs — Effiong Asuquo
The apex banks’ mandate of N100,000 limit for USSD transaction is a good move in combating fraud. But how would Small and Medium Enterprises (SMEs) cope with the limit?
Some people perform bank transactions worth N200, 000 to N500, 000 daily. This mandate despite the motive would lead to stress for businessmen. We would now need to go to banks or Automated Teller Machine to get or transfer large sum of money.
The indemnities we are talking about, on getting to banks they would frustrate life out of you with their requirements.
This procedure might take up to two or more days before you can make such transactions. The CBN should consider businesses when drafting such mandate.
It will enhance confidence in USSD transactions — Osamudiame Mary
The CBN has done well. I don’t do USSD transactions due to the way my money is being deducted by my bank. Some of my friends complained of being defrauded through USSD. If this policy turns out good, I think I would return to banking with USSD.
Education not limit will checkmate fraud — Otaru Albert
This mandate will not help mitigate electronic fraud. Fraudsters are everywhere devising new means to sabotage your solutions and continue stealing your money. What Nigerians need most is education on fraud. Most people are ignorance of what fraud is. Sometimes they blame banks when they are defrauded.
The CBN should device means of educating bank customers mostly in rural areas and those that are illiterates on electronic banking fraud.