CBN’s Issues Draft Guidelines on Handling Authorised Push-Payment Fraud

The Central Bank of Nigeria (CBN) has released an Exposure Draft of the Guidelines for Handling Authorised Push Payment (APP) Fraud, signalling a major shift in liability and consumer protection across the financial system. The Guidelines mandate that Financial Institutions (FIs), including banks and fintechs, must establish 24/7 reporting channels and adhere to strict timelines: acknowledging complaints within 24 hours, concluding investigations within a maximum of 14 working days, and processing mandatory reimbursements within 48 hours of resolution. The draft places clear accountability on Financial Institutions, making non-compliance a regulatory breach that will attract sanctions for both the institution and responsible individuals. This regulatory action transforms fraud management into a systemic risk that must be overseen by the Financial Institutions (FIs’) Board of Directors.