CBN mandates banks to pay a fine of N10, 000 to customers for each failed transaction not resolved within 24 hours

0
95
CBN magic-fm

The Central Bank of Nigeria (CBN), says any failed instant payment transaction not reversed into the customer’s account within 24 hours after complaint by the sender or beneficiary should be reported to CBN.

The Director, CBN Consumer Protection Department, Kofo Salam-Alada said this in an interview on Sunday in Abuja.

Salam-Alada recalled that the CBN had in September 2018 published a circular on the guidelines for instant electronic payments, which also include sanctions for banks and other financial institutions that abuse the system.

He said that the CBN had mandated banks to pay a fine of N10, 000 to customers for each failed transaction not resolved within 24 hours.

It also said that delayed application of inward NIP into beneficiary’s accounts beyond four minutes would attract a penalty fee of N10, 000 per item.

According to the CBN, all instant electronic funds transfer disputes should be resolved within three working days.

Also, where a customer and the bank fail to agree, the aggrieved entity should report to the Director, Consumer Protection Department, CBN within five working days of the failure to resolve the dispute so as to minimise customer pain.

THENATION/BEN