Mobile Money: CBN Releases Regulatory Framework For USSD Transactions
The Central Bank of Nigeria has released a regulatory framework for the use of Unstructured Supplementary Service Data (USSD).
This is to reduce the risk by bank customers who carry out transactions through the USSD platform.
In the proposed framework, USSD based financial transactions will require an end-to-end encryption to protect the integrity of the financial information.
The CBN instructs that mobile money operators are eligible for the issuance of short codes after meeting the necessary requirements of the Nigerian Communication Commission (NCC) for the issuance of the codes.
Financial institutions are required to treat and solve any customer related issues regarding these transactions within 48 hours, and the CBN warns that failure to do so will attract sanctions.