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CBN Slams N10,000 Fine on Banks for Failed Reversals of Electronic Transfers


CBN

The Central Bank of Nigeria will slam Banks a N10,000 Fine Per Transaction for failing to reverse failed Electronic Fund Transfers (EFT) by customers within 24 Hours.

The Apex bank made this known in a circular containing the new regulation on Instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria.

It was shared in a tweet accompanied with the circular by CBN’s official Twitter account saying “#CBN issues Regulation on Instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria (link: http://ow.ly/kR6t30lQDeb) ow.ly/kR6t30lQDeb”

 

Check page 12 of the circular below:

 

CBN

The fines are:

– N10k for non-reversal of failed NIP transactions within 24 HOURS

– N10k for delayed application of credit to beneficiary within 4 MINUTES

It takes effect October 2, 2018.

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Written by Prince Simeon

Goldenchyld is the Head Publicist and Blogger at Hypestation Nigeria. He has interest that cuts across lifestle, tech, music and other things that affect everyday living. Follow him on Twitter @goldenchylduno and @goldenchyld_ on Instagram

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