Banks to pay N10,000 for failed reversal of Customers money within 24 hours.

The Central Bank of Nigeria on Monday. 17th September have issued a N10,000 fine on failed reversal of money on every e-transaction within 24hours.

This means that any failed transaction online, that doesn’t get reversed or returned to the owners account within 24hours of the fail transaction will lead the bank paying N10,000 for failure to return it.

The Circular on the Regulation on Instant Interbank Electronic Funds Transfer Services in Nigeria, signed by CBN Director of Banking and Payments Systems Department, Dipo Fatokun, also stated that delayed application of inward Nigeria Instant Payment (NIP) into beneficiary’s accounts beyond four minutes would attract a penalty fee of N10,000 per item.

The sanction takes effect from 2 October, 2018 and 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.

Banks in Nigeria, from experience have been known to play neglect on this issue, making you fill unnecessary forms and telling you money will be reversed withing nine days, forgetting there is a reason why you started that transaction in the first place.