Modupe Gbadeyanka
By Modupe Gbadeyanka
The implementation date for the new Unstructured Supplementary Service Data (USSD) framework for banks in the country has now been shifted forward.
The Central Bank of Nigeria (CBN), in a circular dated Friday, June 1, 2018, said it was extending the new date to Monday, October 1, 2018.
In the circular addressed to “all deposit money banks, mobile money operators, payment solution service providers and other service providers,” the apex bank explained that it was postponing the new implementation date because “objective of the framework” had not been fully realized.
“Please refer to our circular referenced BPS/DIR/GEN/CIR/05/002 dated April 17, 2018, directing Deposit Money Banks (DMBs), mobile money operators, payment solution service providers and other service providers on the implementation of the regulatory framework for the use of USSD in the Nigerian Financial System, from June 1, 2018.
“The CBN has observed that in order to fully realize the objective of the framework, the bank has considered and approved the extension of the implementation date of the circular to be effective from October 1, 2018,” the circular stated.
The USSD technology is a protocol used by GSM networks to communicate with a service provider’s platform.
It is a session-based, real-time messaging communication technology, which is accessed through a string, which starts normally with an asterisk (*) and ends with a hash (#).
According to the framework, transactions may be limited to an N100,000 per day and customers who want a higher limit shall execute an indemnity with their banks; two-factor authentication will be required for transactions above N20,000; two-factor authentication (2FA) shall not be sent to the customer’s device or displayed on the USSD menu.
