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CBN to commence charges for failed Transactions

The Central Bank of Nigeria is set to begin the implementation of commercial banks debiting it customers over failed transactions.

The CBN is set to commence charges for failed transactions in the coming months according to a directive made by the apex bank to penalize customers who try to incur a debit transaction on their account but lacks sufficient funds to initiate such transactions.

CBN to commence charges for failed Transactions

An email confirmed by Stanbic IBTC customers stated that a penalty fee of 1% or N5000 would be paid by the account owner if failed to adhere to this directive.

They’ve urged all customers to ensure they check their account balance before undertaking any transaction unless a debit standing order would be placed on the account prior to the next credit alert.

According to the CBN, this move was made to further streamline bank charges across all banking transactions to improve products and services across financial institutions.

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The policy serves as a re-implementation of the policy sometimes in 2017 by the CBN. Industry experts have seen this development posing a greater risk in the grassroots of the general economy.

Coker Samuel

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