Banks Must Comply With Payments Confirmation Rules, CBN Says

By Sahabi Abdul

Banks operating in Nigeria were directed by the Central Bank of Nigeria to ensure they comply with universal requirements regarding confirmation of international payments.

“The confirmation should get to SWIFT within two business days on whether the beneficiary’s account has been credited, payment is rejected or pending,” the central bank said in a circular by Sam Okojere, its director of banking services, posted on its website.

Also known as the bank identifier code, SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. The codes, approved by the International Organization for Standardization, identify banks by branch and country of domicile, make international transfers into the accounts of specific account holders possible.

Among recurring complaints to the central bank against many banks in the country is their delay in confirming the status of international transfers, according to regulatory sources. 

Banks were advised to chose the most convenient out of six methods of providing status updates, including automated and manual methods, and ensure they’re  functional by 22 November 2020.