The Central Bank of Nigeria (CBN) has announced that it will begin fining banks ₦10,000 for failing to reverse failed electronic transactions within 24 hours.
The central bank stated this in a “Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria,” Punch reports.
Any failed Nigerian Instant Payment 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 Central Bank of Nigeria has said.
Banks may take sometimes take as long as 5 working days in the current system, but the apex bank has said this is no longer allowed.
“The sanctions above and any other prescribed in the Nigeria Bankers’ Clearing System rules or any amendment thereto, shall apply,” the CBN said.
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