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.

1. 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. 
2. 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.
3. 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 hear his or her own side. You can also get a court order for faster repatriation.
4. Unauthorized transfer (transfer done without your consent due to loss of device or compromise): Originating Bank will engage Recipient Bank to restrict their customer's account. They request for BVN and blacklist the customer's BVN.

However, reports have shown that this process takes longer than usual, mostly because of the non-responsiveness of some banks. The Apex bank - CBN has given out a mandate that should you have such a case, send a mail to cpd@cbn.gov.ng, contactcbn@cbn.gov.ng, or call +234 7002255226 after 72 hours of non-response.