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.