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”
— Central Bank of Nigeria (@cenbank) September 17, 2018
Check page 12 of the circular below:
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.