Breaking: CBN Set To Charge Customers For Failed Transactions.

The Central Bank of Nigeria (CBN), has directed all banks across the country to start charging customers for failed Transactions.

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

It was revealed that a penalty of one percent of the amount being transferred depending on the highest fee, will be charged against the customer who breach the new guideline.

If there’s no money at the time of the failed transaction, the charge will be withdrawn from the account whenever it is funded, the report stated.

This guide came into effect in January, replacing the previous guide that was issued in 2017. The guide was criticised by economists as dangerous and insensitive because most Nigerians cannot afford to continue paying for a service they never received.

About Peter Okiokpa

Electronics Engineer. Digital Entrepreneur. Blogger. Writer. Christlike.😇

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