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 Central Bank of Nigeria has
said .
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 . ”
An electronic funds transfer or an NIP,
according to the apex bank , happens between
two distinct entities when delivery from the
sending entity to the receiving entity takes
place within one minute ( 60 seconds ), while a
payments system where delivery to the
receiving entity occurs beyond one minute is
considered to be an ACH system .
An EFT service provider is said to be a
company or financial institution licensed by the
CBN to do the business of facilitating EFT
services in partnership with sending and
receiving entities .
The draft indicated that where a sending entity
erroneously sent value contrary to the
customer ’ s instructions due to wrong account
number, wrong amount , duplication among
others to a receiving entity and requested the
reversal in writing within 14 working days of
the transaction, the receiving entity should
oblige within one business day without
recourse to the customer ( beneficiary ) of the
receiving entity provided funds were available.
An automatic indemnity would be inferred
against the sending entity making the reversal
request , it stated .
Where funds were not available , it added , the
receiving entity should immediately notify its
customer that the account was wrongly
credited and provide proof of such notification
to the sending entity .
It added that the receiving entity should notify
the customer about the consequences of
funding the account within 24 hours , which
included watch - listing in the banking industry ,
credit bureau and reporting to law enforcement
agencies.
In the circular , the receiving entity would
watch - list the customer if he failed to provide
funds within seven days , the CBN stated .
“ The receiving entity shall refund the
transaction as soon as funds are either partially
or fully available , ” it stated.
https://punchng.com/cbn-to-penalise-banks-others-for-failed-e-transactions/
http://saharareporters.com/2018/09/17/cbn-banks-pay-n10000-fine-each-failed-transaction-not-reversed-within-24-hours

This will be nice if implemented infact the fine is supposed to be 50k, bank can turn u to slave within five minutes telling you to bring this and that and at the end of the day it will still not suffice, ive seen a woman raking out of a bank........UBA, saying" if war is going to start in Nigeria, it will start from the bank" one can imagine the level of frustration shes been subjected to

I
BELIEVE
SOME
PERCENTAGE
OF
THE
10K
SHOULD
GO
TO
THE
CUSTOMER
INVOLVED
COS
OF
EMOTIONAL
AGRADISEMENT
SUFFERED