The Central Bank of Nigeria has released a circular to Nigerian banks, saying that any failed e-transaction without reversal within 24 hours will attract a fine of N10,000 starting from October 2nd.
This was contained in a Circular concerning regulation on instant inter-bank electronic funds transfer services in Nigeria and signed by the CBN director of banking and payments systems department, Dipo Fatokun.
It maintained that Deposit Money Banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders across the country are directed to comply with the directive.y
The apex bank also stressed 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.
According to CBN, an electronic funds transfer or an NIP, happens between two distinct entities when delivery from the sending entity to the receiving entity takes place within one minute (60 seconds), while a payments system where delivery to the receiving entity occurs beyond one minute is considered to be an ACH system.
The CBN also indicated that in an instance where 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.
“Whenever a credit has been erroneously applied to the customer’s account with the Receiving Entity, the customer shall promptly notify the Receiving Entity and authorize the reversal of such erroneous credit.”
“Where the customer account is unfunded, the customer shall provide funds within 24 hours, failure to provide funds shall be a ground for watch-listing of the customer in the banking industry, Credit Bureau and reporting to law enforcement agencies,” CBN said.
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