HIGHLIGHT ON THE CENTRAL BANK’S REGULATION ON INSTANT (INTER-BANK) ELECTRONIC FUNDS TRANSFERS IN NIGERIA
By Victor Chikezie The Central Bank of Nigeria on the 13th of September 2018 introduced a Regulation for Instant Electronic Transfer Funds (EFT) Services in Nigeria. The new regulation titled: ‘Regulations on Instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria’ was issued to all deposit money banks, microfinance banks, mobile money operators and other financial institutions; with the aim of regulating all Instant EFT services on various payment channels in Nigeria. The Regulation makes provision for Responsibilities of a Sending and Receiving Entity in an EFT, stipulates stiff sanctions for non-compliance, and also provides for Dispute Resolution mechanisms to aid […]
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