CBN's Regulation on Instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria

1.0 PREAMBLE
In exercise of the powers conferred on the Central Bank of Nigeria (CBN) under
Sections 2(d), 33 (1)b) and 47(2) of the CBN Act 2007 to promote sound financial
system in Nigeria, issue guidelines, facilitate the development of an efficient and
effective payments system in Nigeria, the CBN hereby issues the following rules
and regulations for the efficient operation of Instant Electronic Funds Transfer
Services in Nigeria.

2.0 SCOPE
This Regulation covers Instant Electronic Funds Transfer Services in Nigeria on
various payment channels and any payment platform that seeks to provide
Instant Electronic Funds Transfer Services in Nigeria.

3.0 OBJECTIVES

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1. setting out the rules for the operation of Instant Electronic Funds Transfer services in Nigeria;
   
2. prescribing the rights and obligations of the parties to such services;
3. provision of the minimum standards for the operations of the parties to EFT services;
   
4. stipulate procedures geared towards the enhancement of the soundness of instant EFT services, while adequately protecting the interests of instant EFT customers and operators.

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