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CBN directs Nigerian banks to comply with SWIFT universal payment confirmation requirements

Tochukwu Egesi
Tochukwu Egesi

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

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

Sam Okojere, CBN’s Director, Banking Services Department. Photo Credit: Independent Newspapers Nigeria 

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

“All banks are strongly advised to review and select the appropriate channel that suits their operations with a view to meeting the deadline of Nov. 22, 2020 set by SWIFT for compliance,’’ he said.

SWIFT is an initiative aiming to improve customer experience by increasing transparency in end-to-end payments tracking across the globe.

Nigeria In Focus:

Population - 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)

Financial inclusion

Tochukwu Egesi

Financial Services Strategy & Digital Economy Specialist (Scribing in Personal Capacity)