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Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by LegendVibes: 5:59am On Sep 18, 2018 |
The Central Bank of Nigeria (CBN) has issued a new directive that banks will pay a fine of N10,000 for every money transfer that exceeds four minutes. The apex bank made this known in a circular, ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’ issued to all deposit money banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders. CBN said any failed instant payment transaction not reversed into the customer’s account within 24 hours, based on the complaint of the sender and/or beneficiary will attract a fine of N10,000. According to the letter signed by ‘Dipo Fatokun, CBN’s director, banking and payments system department, the regulation will be effective from October 2, 2019. According to the apex bank, electronic funds transfer or a NIP happens between two distinct entities when the 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. According to the document, on an occasion where a sending entity erroneously sends value contrary to the customer’s instructions due to wrong account number, wrong amount, duplication among others to a receiving entity and requested the reversal in writing within 14 working days of the transaction, the receiving entity should oblige within one business day without recourse to the customer (beneficiary) of the receiving entity provided funds are available. An automatic indemnity would be inferred against the sending entity making the reversal request. https://www.torimill.co/news/9858/banks-will-pay-n10000-fine-for-any-failed-transaction-not-reversed-within-24-hours-cbn.html 31 Likes 6 Shares
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Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by adewumiopeyemi(m): 6:04am On Sep 18, 2018 |
Good development, eko bank wey my money. 88 Likes 2 Shares |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by shikshark: 6:32am On Sep 18, 2018 |
This will be nice if implemented infact the fine is supposed to be 50k, bank can turn u to slave within five minutes telling you to bring this and that and at the end of the day it will still not suffice, ive seen a woman raking out of a bank........UBA, saying" if war is going to start in Nigeria, it will start from the bank" one can imagine the level of frustration shes been subjected to. Meanwhile, what percentage will be given to the customer because i know some banks that will pay up to ten millon per day on fines because of their quack banking services. 124 Likes 6 Shares |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by skybluee: 8:24am On Sep 18, 2018 |
Good development 2 Likes 1 Share |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by nepapole(m): 9:34am On Sep 18, 2018 |
so its only cbn that will collect the fine. me nko? rubbish. 56 Likes 1 Share |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by apikipiki1(m): 11:38am On Sep 18, 2018 |
Biko which account will d fine enter? 53 Likes 3 Shares |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by Sirpaul(m): 11:38am On Sep 18, 2018 |
Stanbic Bank....................... 4 Likes 1 Share |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by Davidfash10000: 11:39am On Sep 18, 2018 |
Ok 1 Like |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by kolafolabi(m): 11:39am On Sep 18, 2018 |
It happened to me yesterday but got reversed less than 3minutes... 7 Likes |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by aguiyi2: 11:39am On Sep 18, 2018 |
Will be a welcome development if implemented judiciously. Nigerian banks are being managed by Monetary Cowboys. 4 Likes |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by FaithOba1(f): 11:39am On Sep 18, 2018 |
gang of robbers...sterling bank 3 Likes |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by sotall(m): 11:40am On Sep 18, 2018 |
Who will enforce this ?? This policy is as lifeless as the lifeless one 1 Like |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by Lekas12111: 11:40am On Sep 18, 2018 |
No wonder they quickly refund my money back within a minute this morning awon olofo 20 Likes 1 Share |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by Martinkev(m): 11:40am On Sep 18, 2018 |
The fine should be paid into the customers account. 50 Likes 2 Shares |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by appswift: 11:40am On Sep 18, 2018 |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by pesuwe(m): 11:40am On Sep 18, 2018 |
this is a welcome development 1 Like |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by JerryJJZ(m): 11:40am On Sep 18, 2018 |
UBA bank is in soup...... This bank can delay for Africa,,,, Nice move 8 Likes |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by MobilityExpress: 11:40am On Sep 18, 2018 |
WHO will collect the 10k, is it the customer? 1 Like |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by Just2endowed2(m): 11:40am On Sep 18, 2018 |
so cbn will be pocketing the 10k for every failed transaction not reversed with a day. what will be the compensation of the sender or receiver of such funds? like i care 12 Likes |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by Nobody: 11:41am On Sep 18, 2018 |
nice move when or if implemented |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by Lagosbynature: 11:41am On Sep 18, 2018 |
3 Likes |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by JerryJJZ(m): 11:41am On Sep 18, 2018 |
Lets the Nigerian financial sector forward..... One great policy by the CBN... Some banks better recruit more workers and activate their electronic systems to save themselves from bankruptcy... 1 Like |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by bamasite(m): 11:41am On Sep 18, 2018 |
E go sweet die 2 Likes |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by koladebrainiac(m): 11:41am On Sep 18, 2018 |
if they refuse to pay,who will prosecute them? 1 Like |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by Nobody: 11:42am On Sep 18, 2018 |
If the 10k is not for the account holder, then fu** them all! 12 Likes |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by jogsman01(m): 11:42am On Sep 18, 2018 |
Whose pocket is the money going.... |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by Kidspirit(m): 11:43am On Sep 18, 2018 |
Nice move by the CBN |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by dammieco(m): 11:44am On Sep 18, 2018 |
. |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by TheStrongest: 11:45am On Sep 18, 2018 |
Criminals.. Who dey collect the 10k fine?? |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by oshe11: 11:45am On Sep 18, 2018 |
Better..... But who go take the 10k? CBN or the affected customer? 1 Like 2 Shares |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by kennosklint(m): 11:45am On Sep 18, 2018 |
Nice one.na to begin pray make my money de hange everyday na |
Re: Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs by Nobody: 11:45am On Sep 18, 2018 |
Paid to the customers involved abi? 2 Likes |
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