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CBN to impose ₦10,000 fine on Banks that fail to reverse Failed e-Transactions within 24 Hours

BellaNaija.com

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CBN to begin fining Banks ₦10,000 that fail to reverse Failed Electronic Transactions within 24 Hours | BellaNaija

Nigerian bank account holders have a cause to rejoice as 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.

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.

5 Comments

  1. Lavender

    September 17, 2018 at 1:51 pm

    Good initiative. Is there a toll-free number for customers to call? Is it N10,000 per transaction or per each 24 hours? Information is incomplete.

    • Moyo Omidiran

      September 18, 2018 at 3:47 pm

      Nice observations.

    • Moyo Omidiran

      September 18, 2018 at 4:12 pm

      Nice observations

  2. Moyo Omidiran

    September 18, 2018 at 3:45 pm

    I wish they would look into these interbank transaction charges and so called card maintenance fees

  3. Elendu Hope Chigonim

    October 26, 2018 at 3:25 pm

    Please I want on Sunday to withdrew money with my first bank ATM but using Gtb bank. They debited me but I didn’t get the cash and uptill now my money has not been reversed backed to me, what should I do

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