Banks To Pay Customers, Ten Thousand Naira For Delayed Transactions

This news may sound exciting to the general public but have to wait till October 2, 2019, in a recent circular passed by the Central Bank Of Nigeria (CBN); reads ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’ issued to all deposit money banks, micro-finance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders’.

Dipo Afotokun made this known in a letter, acording to the apex bank, electronic funds transfer or a NIP happens between two distinct entities when the delivery from the sending entity to the receiving entity takes place within one minute (60 seconds), while a payments system where delivery to the receiving entity occurs beyond one minute is considered to be an ACH system.

According to the document, on an occasion where a sending entity erroneously sends value contrary to the customer’s instructions due to wrong account number, wrong amount, duplication among others to a receiving entity and requested the reversal in writing within 14 working days of the transaction, the receiving entity should oblige within one business day without recourse to the customer (beneficiary) of the receiving entity provided funds are available. An automatic indemnity would be inferred against the sending entity making the reversal request.

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