By its circular dated September 13, 2018, the Central Bank of Nigeria (CBN) released the Regulations on Instant (Inter – Bank) Electronic Funds Transfer Services in Nigeria (the Regulations). The Regulations becomes effective from October 2, 2018 and will regulate instant electronic funds transfer (EFT) services and their providers. The Regulations is made pursuant to CBN’s powers to promote sound, efficient and effective payment and financial systems in Nigeria. In this brief, we set out the minimum compliance requirements that the Regulations now imposes on stakeholders, especially EFT service providers (ESP), the responsibilities of the other stakeholders and our thoughts on what the Regulations portends for the relevant aspects of the Nigerian fintech industry.
