Regulatory Alerts2017-09-07 | BPS/DIR/GEN/CIR/04/008Exposure Draft Of Regulatory Framework For Unstructured Supplementary Service Data (USSD) For The Nigerian Financial System
This document is an introduction and regulatory framework for the use of Unstructured Supplementary Service Data (USSD) in Nigeria's financial services. It aims at providing guidelines on the proper implementation, vulnerability management, and dispute resolution processes associated with USSD-based financial transactions within Nigeria's banking system. The framework focuses on eligible participants such as banks, payment service providers, mobile money operators, and customers; outlines rules for issuing unique short codes; emphasizes secure communication channels with strong encryption mechanisms; highlights the importance of end-to-end encryption and masked PIN entry; and includes provisions for prompt dispute resolution and appropriate sanctions for non-compliance.