WHEN E-PAYMENT IS FINAL, SAYS CBN

When next you decide to make payment through a point of sale (POS) machine in Nigeria bear in mind that the payment can not be reversed or stopped once you authorise it.

According to the Central Bank of Nigeria (CBN) in a circular to deposit banks and payment systems participants dated July 10 but posted on its site, July 24, to avoid disputes, it decided to issue formal directive on when e-payment is final and can no more be reversed.

The circular was signed by the director, Banking and payment system department, Dipo Fatokun it details finality point for inter bank transfers, mobile payments, over the counter payments; on line payments, by cheques and instant payments.

For inter bank, third payment funds transfer and. Net settlement, the finality point is when sending accounts are debited and receiving ones credited.

As for mobile money transactions, nothing can be reversed once the switch successfully transmits authorisation message from sending mobile money operator (MMO) to receiving MMO.

As for international remittances for school fees, bills payments, etc, the final point is when the MMO system credits the wallet of the receiving customer.

When you pay over the counter or to transact walk in business, the finality point is when the Nigerian Interbank settlement System (NIBSS) confirms and processes the transaction and sends notification to both sending and receiving MMOs 

As for online payments, a confirmation from the switch to the receiving MMO confers finality.

In the case of cheques, 10pm on day of transaction plus one confers finality and any attempt to reverse or cancel can only succeed through a separate transaction to that effect.

As for instant payments, finality is conferred once the transaction status is communicated to the customer who initiated the payment transfer.

Meanwhile, in another post on the same 24th, the CBN advised all authorised dealers to  integrate with a newly introduced Nigerian Customs (NCS) auction platform called NCS eAuction to facilitate wallet loading and payment for winning bids.

The NCS introduced the platform to make its auction is seized and abandoned or over time cargoes more transparent and efficient.

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