Regulation on Instant Interbank Electronic Funds Transfer Services in Nigeria
The Central Bank of Nigeria (CBN) has released a Circular on the Regulation on Instant Interbank Electronic Funds Transfer Services in Nigeria. Informing all Nigerian banks that any failed electronic transaction without reversal to the customer’s account within 24 hours will attract a fine of N10,000
In the Circular dated September 13, 2018, was directed to all Deposit Money Bank, Micro Finance Banks, Other Financial Institutions, Payment Service Providers, Mobile Money Operators, Development Finance Institutions and other Stakeholders.
Furthermore, It stated that The Central Bank of Nigeria (CBN), in furtherance of its mandate for the development of electronic payment system in Nigeria, hereby issues the Regulation of instant (Inter-Bank) Electronic Funds Transfer Service in Nigeria.
The issuance of the Regulation will be effective as from 2nd of October, 2018.