CBN says bank will pay N10,000 fine for any delay in instant transfer beyond 4 minutes

The Central bank of Nigeria (CBN) says it will sanction any bank that delayed instant transfer beyond 4 minutes with N10,000 fine. The apex bank stated this in a circular issued last week, titled, ‘Circular on the regulation on instant inter-bank electronic funds transfer services across the country’.

The circular was issued to all deposit money banks, microfinance banks, mobile money operators and other financial institutions. Dipo Fatokun, CBN’s director, banking and payments system department, said the regulation will be effective from October 2, 2

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Good.
But where a transaction fails due to bad network or system downtime, how do you enforce the policy?
Take time to study the structure involved in a transfer.