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Breaking: Nigerian Banks Move To Stop “Instant Completion” For Forex Transfers Online

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Commercial Banks in Nigeria are informing customers that they can no longer make instant online transfers out of their domiciliary accounts without proper documentation.

Before now, all a customer had to do was log into their banking application on their mobile phone or via a browser to make transfers without the need to provide any documentation. However, emails sent to customers by banks as seen by Nairametrics contain new documentation requirements that must be provided before the transfers are allowed to proceed.

Here is an excerpt of an email seen by Nairametrics

“This is to inform you that instant completion for international transfers on our digital 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……….”

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The bank also advised its customers on the type of supporting documents required as follows;

“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, purpose of payment must be clearly indicated for all international transfers in the narration section provided.”

The advice from the bank also informed its customers that transfers that do not include the supporting documents listed above 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- 2.30PM and USD- 3.30 PM) same day.”

BlazeNewz Disclaimer

The information contained in this post is for general information purposes only. Opinion articles, comments are solely the responsibility of the author and does not necessarily reflect the views of BlazeNewz while we endeavour to keep the information accurate with objectivity as we adhere to global practice of journalism. Read our full Disclaimer.

Hammed Tajudeen is the editor in-chief of Blaze News, holds Higher National Diploma(HND) in Mass Communication, graduated from Osun State Polytechnic, Iree.

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