Regulatory Alerts2018-06-01 | BPS/DIR/GEN/CIR/05/005Circular on Extension of the Regulatory Framework for the Use of Unstructured Supplement Service Data (USSD) in the Nigerian Financial Sector
The Central Bank of Nigeria has extended the implementation date of the Regulatory Framework for the use of Unstructured Supplementary Service Data in the Nigerian financial system to October 1, 2018. This extension is to ensure the full realization of the framework's objectives. All relevant institutions are advised to be guided by this update.
CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187, Garki, Abuja.
BANKING AND PAYMENTS SYSTEM DEPARTMENT BPS/DIR/GEN/CIR/05/005 June 1, 2018 To: All Deposit Money Banks, Mobile Money Operators, Payment Solution Service Providers and other Service Providers CIRCULAR ON EXTENSION OF THE REGULATORY FRAMEWORK FOR THE USE OF UNSTRUCTURED SUPPLEMENTARY SERVICE DATA (USSD) IN THE NIGERIAN FINANCIAL SYSTEM Please refer to our circular referenced BPS/DIR/GEN/CIR/05/002 dated April 17, 2018, directing Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), Payment Solutions Service Providers (PSSPs) and other Service Providers on the implementation of the Regulatory Framework for the use of Unstructured Supplementary Service Data (USSD) in the Nigerian Financial System, from June 1, 2018.
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.
Please be guided accordingly.
'Dipo Fatokun Director, Banking & Payments System Department