Punishment: Nigerian Banks To Charge Customers For Failed Transactions On Direct Debits
LAGOS NOVEMBER 21ST (NEWSRANGERS)-The Central Bank of Nigeria (CBN) instructed banks in December 2019 to start punishing customers for failed direct debit transactions caused by the customer’s failure to fund their account. According to the guide, effective as of January 1, 2020, the customer will be charged 1% of transaction amount, or N5,000, whichever is…