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CBN slams N10,000 fine for any failed online transaction

 

The Central Bank of Nigeria (CBN) has imposed a N10,000 fine on any Deposit Money Bank (DMB) which fails to transact an online transfer within a few minutes.

The apex bank gave the directive through a circular in which it said that banks will pay a fine of N10,000 for every money transfer that exceeds four minutes.

The directive titled ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’ was issued to all deposit money banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders.

 

[penci_blockquote style=”style-2″ align=”none” author=””] According to the CBN, any failed instant payment transaction not reversed into the customer’s account within 24 hours, based on the complaint of the sender and/or beneficiary will attract a fine of N10,000.[/penci_blockquote]

According to the CBN, any failed instant payment transaction not reversed into the customer’s account within 24 hours, based on the complaint of the sender and/or beneficiary will attract a fine of N10,000.

The letter signed by CBN’s director, banking and payments system department, ‘Dipo Fatokun, said the regulation will be effective from October 2, 2019.

According 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.

 

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The document stated that 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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