The Central Bank of. Nigeria (CBN) has fixed the effective date of the regulation of Electronic Funds Transfer (EFT) services in the country at October 2, 2018.
Dipo Fatokun, director, banking and payments system department, stated this in circular to all deposit money banks, Microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders on the regulation on instant (inter-bank) electronic funds transfer services in Nigeria.
The regulation covers Instant Electronic Funds Transfer Services in Nigeria on various payment channels and any payment platform that seeks to provide Instant Electronic Funds Transfer Services in Nigeria.
The sets sets out the rights and responsibilities of all stakeholders to Electronic Funds Transfer under the regulation.
The sets sets out the rights and responsibilities of all stakeholders to Electronic Funds Transfer under the regulation.
In terms of fees and charges, the CBN said, Instant EFT service providers and Sending entities shall apply fees and charges in compliance to the approved Guide to Bank Charges. The Receiving entity shall not earn income on funds transferred. However, statutory levies/charges shall apply.
