The Central Bank of Nigeria (CBN) has released a “Circular on the Regulation on Instant Interbank Electronic Funds Transfer Services in Nigeria,” telling all Nigerian banks that any failed electronic transaction without reversal to the customer’s account within 24 hrs would attract a fine of N10,000.
The circular, which was signed by CBN Director of Banking and Payments Systems Department, Dipo Fatokun, 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 sanction takes effect from 2 October, 2018 and all 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.
The sanctions above and any other prescribed in the Nigeria Bankers’ Clearing System rules or any amendment thereto, shall apply.
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