Background:
By its circular dated September 13, 20181 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.
