CBN directs banks to comply with SWIFT universal payment confirmations

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Emefiele commended for University Based Poultry Revival Programme
Godwin Emefiele, CBN Governor.

The Central Bank of Nigeria (CBN), has directed all banks operating in the country to always observe strict compliance with SWIFT Universal Confirmation Requirements.

The directive was outlined in a circular issued by Mr Sam Okojere, CBN’s Director, Banking Services Department.

Okojere directed all SWIFT customers to provide information on the outcome of all their Single Customer Payments (MT103) messages to SWIFT, via tracker (Universal Confirmation).

The News Agency of Nigeria (NAN) reports that SWIFT is an initiative aimed at improving customer experience through increased transparency in end-to-end payments tracking.

“The conformation should get to SWIFT within two business days on whether the beneficiary’s account has been credited, payment rejected or pending.

“Please note that all financial institutions within the ecosystem will be measured on whether they confirm 80 per cent of their weekly payments.”

He said that SWIFT offered…



Source: Vanguard Newspaper