The Central Bank of Nigeria (CBN) has announced a N10,000-per-transaction fine on banks that fail to reverse failed electronic transactions to the affected customer’s account within 24 hours.
The apex bank’s position was contained in a new regulation marked BPS/DIR/GEN/CIR/05/011 and September 13 and sent to deposit money banks (DMB) and other financial institutions in the country.
According to a circular signed by the Director, Banking and Payment Systems Department, ‘Dipo Fatokun, “A failed NIP (NIBSS Instant Payment) transaction not reversed into customer’s account within 24 hours” constitutes abuse and attracts a N10,000 sanction.
CBN announces N10,000 (per-transaction) fine for banks that fail to reverse failed electronic transactions within 24 hours. Super. That nonsense of keeping people’s money for two weeks has to end. (Video: @channelstv) pic.twitter.com/8aiz5dn2W1
— tolu ogunlesi (@toluogunlesi) September 17, 2018
Read full circular here: CBN Regulation on Instant Payment