CBN to fine banks N10,000 for failed e-transactions

Filed in News by on September 17, 2018 0 Comments

According to report reaching us, Failed bank transfer without reversal within 24 hours attracts fine of N10,000 – CBN.

Central Bank of Nigeria has told Nigerian banks that any failed electronic transaction without reversal to the customer’s account within 24 hours will attract a fine of N10,000.

The sanction takes effect from October 2nd. The apex bank stated in this in a circular on the regulation on instant interbank electronic funds transfer services in Nigeria, signed by its director of banking and payments systems department, Dipo Fatokun.”

According to The Guardian, “CBN also stated that delayed application of inward Nigeria Instant Payment (NIP) into beneficiary’s accounts beyond four minutes would attract a penalty fee of N10,000 per item.

The CBN also indicated that in an instance when a sender erroneously sends value contrary to the customer’s instructions due to a wrong account number, wrong amount to the receiver, both parties have the rights to request reversal in writing within 14 working days of the transaction.”

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