June 1, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Friday extended the the implementation of the Regulatory Framework for the use of Unstructured Supplementary Service Data (USSD) in the Nigerian Financial System, from June 1, 2018 to October 1, 2018,

This is contained in a circular referenced BPS/DIR/GEN/CIR/O5/OO5 dated June 1, 2018 and signed by Dipo Fatokun, director, Banking and Payments System Department of the CBN directing banks, Mobile Money Operators (MMOs), Payment Solutions Service Providers (PSSPs) and other service providers on the implementation of the Regulatory Framework for the use of the USSD in the Nigerian Financial System.

“The Central Bank of Nigeria (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 said.

The CBN had in April 17, 2018 directed banks, MMOs, PSSPs and other service providers on the implementation of the USSD in the nations financial system.