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CBN Takes The Big Stick

The Central Bank of Nigeria is on a mission: it will penalize banks for not reserving failed transactions into customer accounts within a day. And if they delay inbound credit in excess of 4 minutes, they would pay penalty also. Each offense attracts N10,000 fine.

The Central Bank of Nigeria has said that any failed Nigerian Instant Payment (NIP) transaction not reversed into the customer’s account within 24 hours based on complaint of the sender and/or beneficiary will attract a fine of N10,000.

The CBN, in a circular also said delayed application of inward NIP into beneficiary’s accounts beyond four minutes would attract a penalty fee of N10,000 per item.

The apex bank made this known in its ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’, issued to Deposit Money Banks, microfinance banks, and other financial institutions.