MAJOR CHANGES IN THE NEW CBN BANKING RULES FOR INSTANT PAYMENT EFFECTIVE OCTOBER 2ND 2018

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There are other smaller issues that the new rule addressed, but these are the 3 topmost ones.

1. MAXIMUM OF 24 HOURS.

Before now, when you try to send money to someone and the receiving bank is not reachable, your bank deducts the money from your account and tries to send it through another means like the clearing house. The next clearing house session may be 4 hours later or even 12 hours but sometimes, the bank still does not send the money to the receiving bank for up to 48 hours (especially over the weekend). So you find that your account has been debited but the recipient wouldn’t have received the money.

The new rule addresses this.

Now, the money must be returned to your account within 24 hours if not deliverable to the recipient bank for whatever reasons.

2. MAXIMUM OF 4 MINUTES

Currently, a person can make a transfer to you, and your bank successfully receives the money immediately, But because your bank has internal issues with their systems (this is different from when your bank has external issues that prevents money to come in), they won’t apply the money to your account till later when they resolve their internal issues. Sometimes this may take 12 hours or more.

With the new CBN rule. The money has to be applied to your account within 4 minutes max, or your bank returns the money to the sender.

3. NO RECOURSE TO ACCOUNT OWNER.

Before now, if a bank teller from Bank “A” mistakenly posts money into account 1234 of Bank Q instead of account 1243, the receiving Bank Q can’t take that money out from the bank account 1234 without the account owners consent. Many times, people refuse to return the erroneous transfers. They go ahead to spend the money and continue to grandstand. This has made many bank tellers loose their jobs or have to sort the mistake out of their own personal funds.

With the new rule, If a bank teller erroneously posts money into your account, no need to ask permission from the account owner again, but If the recipient has spent the money before the issue is detected, he must provide the money within 24 hours. Failure to do this, the recipients BVN goes on watchlist DB.

Thelatest moves on the part of the CBN are indeed commendable, and these new rules are very welcome.

Kudos to the CBN.

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