The Central Bank of Nigeria (CBN), has disclosed its
commitment to fine Nigerian financial institutions for any failed Instant
Payment transaction not reversed into the customer’s account within 24 hours,
based on complaint of the sender and/or beneficiary.
The apex bank said any failure will attract a fine of N10,000.
CBN made this known 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.
More so, CBN warned that delayed application of inward NIP
into beneficiary’s accounts beyond four minutes would attract a penalty fee of
N10,000 per item.
“The sanctions above and any other prescribed in the Nigeria
Bankers’ Clearing System rules or any amendment thereto, shall apply.” CBN maintained.
In recent times, the apex bank has revived the banking
sector by penalising financial institutions for violating rules.
Recall that CBN, in August, fined four banks a total of
₦5.86 billion for breaching Nigeria’s extant laws and forex rules when they
facilitated illegal repatriation of funds to South Africa on behalf of MTN.
The disclosure was contained in a press statement obtained;
a snippet of which had earlier been tweeted on CBN’s official Twitter handle.
Stanbic IBTC Holdings, in a notice sent to the Nigerian
Stock Exchange (NSE) stated that the CBN deducted N1.88 billion from the
accounts of its banking subsidiary Stanbic IBTC Bank PLC.
This pertains to the fine imposed on the bank in relation to
the remittance of foreign exchange on the basis of certain capital importation
certificates issued to MTN Nigeria Communications Limited.
Stanbic IBTC maintained its position on the matter, which is
the fact that the Bank has done nothing illegal and accordingly the Bank will
continue to provide CBN with documents and details in support of our contention
that our actions in relation to these transactions were not illegal.
