The central bank of Nigeria has released a ‘Circular on the Regulation on Instant Interbank Electronic Funds Transfer Services in Nigeria’.
According to the Apex bank, all Nigerian banks that doesn’t revert any failed electronic transaction to the customer’s account within 24 hrs will attract a fine of N10,000.
The Central Bank also noted that the regulation will commence on October 2nd.
The circular stated thus:
“All Deposit Money Banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders across the country are directed to comply with the directive.”
See circular below