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Central Bank of Nigeria Issues New Guidelines on ID, and establishes fraud watchlist

The Central Bank of Nigeria, in collaboration with the Bankers Committee in 2014 deployed a centralized Bank Verification System and launched the Bank Verification Number (BVN) as part of the overall strategy of ensuring effectiveness of the Know Your Customer (KYC) principles, and the promotion of a safe, reliable and efficient payments system.

The BVN gives a unique identity to each customer of Nigerian banks across the banking industry,

October 20 2017

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Central Bank of Nigeria Issues Draft Policy on USSD Security

The Central Bank of Nigeria (CBN) has issued a draft policy on access to DFS via USSD. This is response to work inter alia by the ITU DFS Focus Group and the DFS Observatory on USSD security and vunerabilities in SS7 which powers USSD. USSD is the main method of access to DFS via feature phones worldwide.

Here are key points from the draft policy

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Kenyan Bankers Association Launches M-PESA Rival

16 February 2017

The Kenya Bankers Association (KBA) has obtained approval from the Central Bank of Kenya to launch its M-PESA rival, PesaLink to facilitate inter-bank transaction interoperability. Twelve banks have received the necessary approvals and are live. 

These include Standard Chartered Bank, Co-Operative Bank, Barclays Bank, Commercial Bank of Africa, I & M Bank, Diamond Trust Bank, Gulf African Bank, Guardian Bank, Victoria Commercial Bank, Credit Bank, Prime Bank and Middle East Bank. Other banks will join over the next few months once testing is completed.

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