Cbn new reversal rules 2018

The Central Bank of Nigeria (CBN) introduced new reversal rules in 2018 to improve the efficiency and effectiveness of the country's payment system. The new rules aimed to reduce the time it takes for banks to reverse transactions and to improve the overall customer experience.

Here are the key changes introduced by the CBN in 2018:

  1. Reversal of Transactions: The CBN introduced a new rule that allows banks to reverse transactions within 24 hours of the transaction date. This means that if a customer initiates a transaction and the bank is unable to complete it, the bank can reverse the transaction within 24 hours.
  2. Reversal of Failed Transactions: The CBN also introduced a rule that requires banks to reverse failed transactions within 24 hours. This means that if a customer initiates a transaction and it fails due to insufficient funds or any other reason, the bank must reverse the transaction within 24 hours.
  3. Reversal of Uncompleted Transactions: The CBN introduced a rule that requires banks to reverse uncompleted transactions within 24 hours. This means that if a customer initiates a transaction and it is not completed due to technical issues or any other reason, the bank must reverse the transaction within 24 hours.
  4. Reversal of Transactions due to Insufficient Funds: The CBN introduced a rule that requires banks to reverse transactions that are initiated but cannot be completed due to insufficient funds. This means that if a customer initiates a transaction but does not have sufficient funds in their account, the bank must reverse the transaction.
  5. Reversal of Transactions due to Technical Issues: The CBN introduced a rule that requires banks to reverse transactions that are initiated but cannot be completed due to technical issues. This means that if a customer initiates a transaction but it is not completed due to technical issues, the bank must reverse the transaction.
  6. Reversal of Transactions due to Customer Error: The CBN introduced a rule that requires banks to reverse transactions that are initiated but cannot be completed due to customer error. This means that if a customer initiates a transaction but it is not completed due to an error on their part, the bank must reverse the transaction.

The new reversal rules introduced by the CBN in 2018 aimed to improve the efficiency and effectiveness of the country's payment system by reducing the time it takes for banks to reverse transactions and by improving the overall customer experience.