Nigerian banks are set to start charging customers for failed transactions on direct debits as instructed by the Central Bank of Nigeria (CBN).
A direct debit is an authorisation granted by the customer for a bank to draw payments from their account on regular due dates. According to the guide, the Central Bank of Nigeria (CBN) instructed banks to start punishing customers for failed direct debit transactions caused by the customer's failure to fund their account, with effect from January 1, 2020. The customer will be charged 1% of transaction amount, or N5,000, whichever is higher and will be deducted from the account, the next time it's funded by the customer.
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