CBN orders Banks to automatically reverse wrong electronic fund transfer

CBN orders Banks to automatically reverse wrong electronic fund transfer

Following a directive from the Central Bank of Nigeria, CBN, commercial banks are set to reverse within 14 days, any transaction where a customer transfers money to wrong account number.

Read also: Recapitalise or go under, CBN orders Ecobank

In a draft guidelines signed by the Director, Banking and Payment System Department of CBN, Dipo Fatokun to all Deposit Money Banks, other Financial Institutions and Payment Service Providers, on instant (inter-bank) electronic funds transfer services, the CBN said the guidelines were aimed at ensuring high standards of conduct and management throughout the banking system.

The directive read in part: “where a Sending Entity sends a transaction with a wrong account number to a Receiving Entity and requests the reversal within 14 days of the transaction, the Receiving Entity shall immediately oblige without recourse to the customer (beneficiary) of the Receiving Entity provided funds are available.

“An automatic indemnity shall be inferred against the Sending Entity making the reversal request.

“Where funds are not available, the Receiving Entity shall immediately formally notify its customer that the account was wrongly credited with feedback to the Sending Entity. The customer shall be notified that the consequence of not funding the account within 24 hours includes watch-listing in the financial system, BVN system, Credit Bureau and reporting to law enforcement agencies.”

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