The Central Bank of Nigeria has released stiff regulations for deposit money banks and other financial service providers in the country to return failed transactions into the account of its customer under the Electronic Funds Transfer within 10 minutes.
The new regulation covers Instant Electronic Funds Transfer Services in Nigeria on various payment channels.
Under the new policy, a bank who initiates an Instant EFT on behalf of its customers must ensure that the messages contain the sender’s name, BVN and account number, beneficiary name and account number as well as narration and other information specified by customers at the point of initiating a transfer, to aid reconciliation.
According to the new guideline, a failed NIP transaction not reversed into customer’s account within 24 hours based on complaints of sender and beneficiary attracts a fine of N10,000.00.
The effective date of the regulation is October 2, 2018.
Related posts:
Why Microfinance banks failed
CBN orders banks to suspend accounts linked with fraud
CBN orders banks to obtain customer’s credit history
President Buhari meets APC Senators who failed to secure return ticket
PDP has failed in Oyo State, will not return to Power – APC
Football transfer: Ighalo set for Premier League return
Iheanacho gets 17 minutes as Man City returns
ICC Professional women seeks last minutes support for Tinubu
Good jobCBN
Will like to be your staff.