The Central Bank of Nigeria (CBN), said 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, Consumer Protection Department, CBN, Mr Kofo Salam-Alada made this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

Mr Kofo 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.

“When you do instant payment, you want it to be instant and when it is not achieved then there should be sanctions to such providers. “However, we want to use this medium to inform the public that the first point of call is actually your service provider not CBN and it is only when your bank cannot resolve it and there’s no promise of resolution that you come to CBN.

“After that, the CBN can step in and look at the issues and see whether the customer is entitled to what he’s claiming against the bank. “It is not all the time that customers come to the bank that they will get what they want. “We will examine the issues and see whether there was any failure on the part of the bank before the decision is made,” he noted.

NAN recalls that the Circular was issued on the regulation of instant inter-bank electronic funds transfer services in Nigeria to all Deposit Money Banks, microfinance banks, mobile money operators, development finance institutions and payment service providers. The CBN in the circular announced that any failed instant payment transaction not reversed into the customer’s account within 24 hours will attract a fine of N10,000.

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 Apex bank, 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.
Meanwhile, some customers who spoke to NAN urged the CBN to do all it could to ensure the banks complied with its directive.

https://www.trendingaccounting.com/2019/01/failed-e-transactions-report-defaulting.html

Fidelity bank, no1 offender. Una go hear am for my hand.


Guys, check bellow for that perfect gift for your lady's birthday. Perfect for the rainy and sunny season.

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

Very Good way to go.
Good job Federal Government.
This is part of the CHANGE we voted for.
Gradually we will get there.

V

No be lie eh
I say no be lie eh
Nah so GTB debit me wey i no see money collect eh
If no be for CBN eh
I for don lost the money eh
But I thank God for CBN eh
Dem reverse my money eh
Dem Kon add extra 10k untop am eh.
Nah so I Kon dey rejoice eh...

Talk is cheap.

How will somebody report defaulters.??

if I report GTB, what will they do? Talk is cheap

Think About It, watch this
YouTube link:
https://www.youtube.com/watch?v=RW8OtIiayRM

Stanbic ,regular customer . They use my eyes see weehn during the new year holiday. More than 300k hang on different transaction. Thank God I got my money back gradually.

Buhari bank has failed to make Nigeria an Instant change.

I am reporting it instantly

R

What's the means to report such cases?

Good. This will make banks offer better services.

isokay

I've never seen any good policy in this administration, but this! Awesome.
For once a good story is coming from Buhari’s administration.

abdulazeez1002:
How will somebody report defaulters.??

Through their email and attach proof along

Crap

However, we want to use this medium to inform the public that the first point of call is actually your service provider not CBN and it is only when your bank cannot resolve it and there’s no promise of resolution that you come to CBN.

Which bank will not promise just to get you hooked?

A silly white elephant policy.

kernel001:
I've never seen any good policy in this administration, but this! Awesome.
For once a good story is coming from Buhari’s administration.

Very true.

Cbn copied this compensating customer style from jumia. Jumia started it first.

8GB Atm card flash drive for #1000 only. Check link
https://www.nairaland.com/4972442/clearance-sales-
quality-8gb-atm

ME FOR THREE WEEKS UBA PLC HAS NOT REVERSED MY MONEY BACK INTO MY ACCOUNT, THOUGH I HAVE BEEN GOING THERE TO LAY COMPLAIN. UBA ATM CARD TO UBA ATM MACHINE OO, GOD HELP US. I ALSO ABANDONED ONE MONEY LIKE THAT IN ANOTHER BANK SOMETIME AGO BECAUSE OF STRESS OF ASKING FOR REVERSAL OVER AND OVER Hmmmmmmm.

booblacain:
Fidelity bank, no1 offender. Una go hear am for my hand.


Guys, check bellow for that perfect gift for your lady's birthday. Perfect for the rainy and sunny season.

Na them. Their ATMs are useless as well.

All in one app.
See this

I was debited while using UBA ATM machine on Saturday, machine didn't dispense cash.

ensamy:
ME FOR THREE WEEKS UBA PLC HAS NOT REVERSED MY MONEY BACK INTO MY ACCOUNT, THOUGH I HAVE BEEN GOING THERE TO LAY COMPLAIN. UBA ATM CARD TO UBA ATM MACHINE OO, GOD HELP US. I ALSO ABANDONED ONE MONEY LIKE THAT IN ANOTHER BANK SOMETIME AGO BECAUSE OF STRESS OF ASKING FOR REVERSAL OVER AND OVER Hmmmmmmm.

Good.

There are many culprits to name.





Perfect Money/Payeer/Epay/Neteller/Skrill: ItuGlobal

Instead of N10 000 make it N100 000 then it will be worth while to go to CBN and do all the paper work. What is N10 000 and after much stress at the N10k you won't see

Talk is cheap joor. I am yet to see the CBN Consumer Protection Unit do anything to a customer's complaint. I am a living witness. Currently my 7k is with GTB due to a failed transaction on atm quickteller transaction since 11/11/18 for the sun of 7k. I have complain and complain and even sent mail to CBN but nI response and action from them. In fact am tired and don't know whatelse to do.

Good. First bank is so guilty of this and would never refund your money.

GtBank is still owning me N13000 since September 2009, I just dey look them...
thank u CBN anyways

booblacain:
Fidelity bank, no1 offender. Una go hear am for my hand.


Guys, check bellow for that perfect gift for your lady's birthday. Perfect for the rainy and sunny season.

bros do u know where one can buy google or amazon giftcard in Nigeria