The Central Bank of Nigeria has said 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 CBN stated this in a ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’, issued to all Deposit Money Banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders.
It also stated that delayed application of inward NIP into beneficiary’s accounts beyond four minutes would attract a penalty fee of N10,000 per item.
The CBN stated, “The sanctions above and any other prescribed in the Nigeria Bankers’ Clearing System rules or any amendment thereto, shall apply.”
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