Nigeria: Central Bank Publishes Circular on Instant (Inter-Bank) Electronic Funds Transfer Services

On September 13, 2018, the Central Bank of Nigeria (CBN) published Circular BPS/DIR/GEN/CIR/05/011, establishing the operational rules of the Instant Electronic Funds Transfer Services, an instant payment system which provides full settlement of a payment instruction within one minute. The circular will enter into force on October 2, 2018.

To continue reading please log in or request a demo to speak to a member of the team.