The Central Bank of Nigeria (CBN) Regulatory Framework for the use of Unstructured Supplementary Service Data (USSD) in the Nigerian Financial System was released on April 17, 2018. The framework aims to provide a safe and secure platform for the use of USSD for financial transactions in Nigeria.

The framework covers the following areas:

• Registration and licensing of financial institutions that wish to offer USSD services.
• Security and risk management measures that financial institutions must put in place to protect customer data and prevent fraud.
• Customer protection measures, such as limits on the amount of money that can be transferred or withdrawn using USSD.
• Dispute resolution mechanisms.

The CBN has also set up a USSD Task Force to monitor the implementation of the framework and to address any challenges that may arise.

The CBN Regulatory Framework for USSD is an important step in promoting financial inclusion in Nigeria. By providing a safe and secure platform for the use of USSD, the CBN is helping to make financial services more accessible to Nigerians who do not have access to traditional banking channels.

Here are some of the key provisions of the CBN Regulatory Framework for USSD:

• Financial institutions must register with the CBN before they can offer USSD services.
• Financial institutions must put in place appropriate security measures to protect customer data.
• Financial institutions must limit the amount of money that can be transferred or withdrawn using USSD.
• Financial institutions must have a dispute resolution mechanism in place.

The CBN Regulatory Framework for USSD is a comprehensive and robust set of rules that will help to protect customers and promote financial inclusion in Nigeria.