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

Good development, eko bank wey my money.

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.

Good development

so its only cbn that will collect the fine. me nko?
rubbish.

Biko which account will d fine enter?

Stanbic Bank.......................

Ok

It happened to me yesterday but got reversed less than 3minutes...

Will be a welcome development if implemented judiciously. Nigerian banks are being managed by Monetary Cowboys.

gang of robbers...sterling bank

Who will enforce this ??


This policy is as lifeless as the lifeless one

No wonder they quickly refund my money back within a minute this morning awon olofo

The fine should be paid into the customers account.

this is a welcome development

UBA bank is in soup...... This bank can delay for Africa,,,, Nice move

WHO will collect the 10k, is it the customer?

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

nice move when or if implemented

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...

E go sweet die

if they refuse to pay,who will prosecute them?

If the 10k is not for the account holder, then fu** them all!

Whose pocket is the money going....

Nice move by the CBN

.

Criminals..
Who dey collect the 10k fine??

Better.....




But who go take the 10k?

CBN or the affected customer?

Nice one.na to begin pray make my money de hange everyday na

Paid to the customers involved abi?