2010-02-18 | BOD/DIR/GEN/CIR/01/025A

Guidelines on Nigeria Direct Debit Scheme

The document outlines the Nigeria Direct Debit Scheme, including definitions, participant roles, rights and obligations, admission criteria, scope, benefits, business rules, control mechanisms, consumer protection, and monitoring guidelines. It emphasizes the importance of maintaining high standards of documentation and procedure among participants. The scheme offers a safe and convenient way for payers to settle accounts, while providing originators with efficient cash flow management and electronic record-keeping. The Direct Debit Mandate and Indemnity protect payers from erroneous or unauthorized transactions, with immediate refunds guaranteed by their banks.

Nigeria

Central Bank of Nigeria

Show thumbnail