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Commercial Banks to Pay Fine to Customer For Failed Online Transaction – CBN

Nur'deen Olaitan

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The Central Bank of Nigeria has issued a directive ordering commercial banks to pay 10,000naira fine for every failed online transfer that is not refunded within 24hours.

What this means is that the customer whose money was debited for a failed transaction is entitled to N10,000 damages if his or her account is not refunded of the failed amount within the next 24hours from the time of the failed transaction.

The fine belongs to the customer not the Central Bank of Nigeria.

This is to curb the incessant abuse of customers’ right by commercial banks in the country.

To make complaints contact the following :

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Nur'deen Olaitan, a Linguist from University of Ilorin. Passionate about sport, travelling, writing, & politics. He puts humanity above anyone or anything. He hold honesty and integrity in high esteem.Reach him via nakata@nigeriadailytimes.com

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