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JUST IN: Nigerian banks to stop ‘immediate completion’ of online forex transfer

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Commercial Banks in Nigeria have informed customers that making instant online transfers out of their domiciliary accounts will no longer be possible, except proper documentation is done.

Previously, customers only had to log into their bank mobile App and make transfers without any form of documentation. However, emails sent by banks to customers now contain documentation requirements that must be provided before the transfers are allowed to proceed.

An excerpt of the mail as shared by Nairametrics reads

“This is to inform you that instant completion for international transfers on our online platforms will cease from March 20, 2021. All international third-party transfers initiated on any of our digital channels will be completed at the back office after receipt of relevant supporting documents. Kindly ensure you send relevant supporting documents for your international transfers immediately transaction is initiated online to……….”

Among supporting documents that customers must provide include:

“Samples of supporting documents to be provided for international transfers to third parties are;

  • Invoices
  • Bills
  • Demand Notes, etc

“For Medical, insurance, school fees, subscriptions and other similar invisible payments. For transparency and in line with CBN eligibility requirement, the purpose of payment must be clearly indicated for all international transfers in the narration section provided.”

Customers were also informed that transfers that do not include the supporting documents listed above online will be rejected after the assigned cut off time.

“Please note that for control purposes, all payments initiated without the relevant supporting documents being sent to the above noted email will be rejected after the existing currency cut-off time (EURO- 1.30PM, GBP & Others- 2.30 PM and USD- 3.30 PM) same day.”

 

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