Thursday, November 26, 2020
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Nigerian Bank Customers To Start Paying For Failed Transactions

The Central Bank of Nigeria, CBN, has directed Banks to start charging customers for failed transactions.

The move that will further increase the outrageous charges Banks impose on customers was imposed following a CBN directive earlier this year.

CBN directed banks to penalise customers who initiate direct debit transactions on their account but lack funds to complete the transaction.

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In an email notice sent out to customers by Stanbic IBTC on Thursday, the penalty of one percent of the amount being transferred or N5000 of such, depending on the highest fee, will be charged against the customer who breach the new guideline.

According to IBTC, If there’s no money at the time of the failed transaction, the charge will be withdrawn from the account whenever it is funded.

Direct debit is a standing order initiated by an account holder that enables the bank to debit a specified amount from the customer’s account at an agreed date.

The guide to charges by bank and non-bank financial institutions was created to streamline the application of charges on various products and services offered by banks and other financial institutions in Nigeria to their customers.


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