FUND REVERSAL IN NIGERIA
The banking industry in Nigeria has actively put measures in place to make sure a healthy banking relationship is maintained between the business and the customers. One of such measures is the intermediation between financial institutions and their customers to resolve transaction disputes. Failed transfer : Originating Bank will check NIP to confirm status, if failed, the log complaint on the third-party platform for reversal, and get a reversal, if successful, they provide proof. Erroneous transfer (you sent to the wrong account): Originating Bank will contact Recipient Bank to confirm credit and place restrictions while Recipient Bank gets the beneficiary's consent for reversal. Or you get a court order if the account is funded but the beneficiary not forthcoming with consent. Business went bad (you sent money for business but the beneficiary did not honor the agreement): Originating Bank will engage Recipient bank and Recipient Bank will go ahead to engage their customer to ...