Nigeria's central bank says banks will pay N10,000 fine for any delay in instant transfer beyond 4 minutes

Nigerias central bank (CBN) says it will sanction any bank that delayed instant transfer beyond 4 minutes with N10,000 fine.

The apex bank stated this in a circular issued last week, titled, ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’.

The circular was issued to all deposit money banks, microfinance banks, mobile money operators and other financial institutions.

‘Dipo Fatokun, CBN’s director, banking and payments system department, said the regulation will be effective from October 2, 2018.

“The Central Bank of Nigeria (CBN), in furtherance of its mandate for the development of electronic payments system in Nigeria, hereby issues the Regulations on Instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria.

“Please, note that the effective date of the Regulations is 2nd October 2018,” the circular reads.

ALSO READ: CBN extends policy on USSD daily limit transaction of N100,000 to October

The bank also stated that any failed electronic funds transfer or NIP transaction not reversed into the customer’s account within 24 hours will attract a sanction of N10,000 per item.

It, however, said the sanctions will be based on complaints from the sender and/ or beneficiary in the transactions.

Also from Business Insider Sub-Sahara Africa:

Nigeria's central bank says banks will pay N10,000 fine for any delay in instant transfer beyond 4 minutes

Nigerias central bank (CBN) says it will sanction any bank that delayed instant transfer beyond 4 minutes with N10,000 fine.

Enhance Your Pulse News Experience!

JOIN OUR PULSE COMMUNITY!