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CBN: Banks to Pay N10,000 for Failed E-Transactions

The Central Bank of Nigeria (CBN) has told Nigerian banks that any delay in the reversal of money for failed transactions back to customer’s account within 24hours will attract a fine of N10,000.

This will take effect from October 2nd, 2018.

This was contained in a circular on the regulation of instant interbank electronic funds transfers services which was signed by the Director of Banking and Payments Systems Department Dipo Fatokun.

This directive is expected to be carried out by deposit money banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders.

According to the apex bank, any delayed inward Nigeria Instant Payment (NIP) into a beneficiary/s account that exceeds four minutes would attract a penalty fee of N10,000 per item.

READ: APC: GOODLUCK JONATHAN, THE CAUSE AND THE CURE

The CBN stated, “The sanction above and any other prescribed in the Nigerian Bankers’ Clearing Systems rules or any amendment thereto, shall apply”

An electronic funds transfer or a Nigeria Instant Payment (NIP) according to the CBN occurs between two distinct customers when the delivery from the sender to the receiver takes place within one minute (60 seconds), while payments, where delivery to the receiver takes beyond one minute, is seen as a faulty bank system.

“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 within 24 hours, failure to provide 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.”

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