Direct debit

What is direct debit and how does CBN fees on failed transactions affect you? • Techpoint Africa

Credit card on a computer keyboard The Central Bank of Nigeria has imposed a fee on failed direct debit transactions for each account holder in Nigeria. But without sufficient clarity, details can seem confusing. On Thursday, October 19, 2020, Stanbic IBTC, Nigeria customers received a letter with the subject line “Always fund your account to […]

Direct debit

Companies urged to act on Brexit direct debit changes

Businesses and other organizations here that use a UK-based payment service provider to process direct debits are urged to verify that they are ready for the important changes that will apply after January 1. According to the Banking and Payments Federation Ireland (BPFI), if they want to ensure a smooth and uninterrupted continuation of the […]

Direct debit

Bank customers now have to pay for failed direct debit transactions

Bank customers will now pay fees for failed direct debit transactions. According to the Guide to Charges by Banks, other financial and non-financial institutions published by the Central Bank of Nigeria, the fees will only apply to transactions that fail due to non-funding of the account. Customers will be required to pay either one percent […]

Customer payment

Expanding customer payment options: a response to the pandemic but a lasting trend

As the COVID-19 pandemic began as – and remains – a health crisis, the financial effects quickly followed for utility customers. For many, shelter-in-place orders limited access to in-person payment portals, and for those affected by rising unemployment and a sudden inability to pay their bills, tough choices had to be made. In fact, according […]

Direct debit

Debit cancellations fell to an all-time high this summer, figures show

The cancellation of direct debit donations to UK charities fell to an all-time high over the summer, new figures show. Data from charity payment company Rapidata, released today, shows the average cancellation rate for direct debits was 1.32% in July, the lowest figure since Rapidata began collecting data. in 2003. The company said the new […]

Direct debit

SLC urges clients to join direct debit program at the end of their student loan

In an effort to combat overpayments, the Student Loans Company urges customers to switch to direct debit in the final months of their student loan payment and ensure their contact details are up to date, including account information. banking. In the last fiscal year, more than 31,000 clients made unnecessary overpayments at the end of […]

Customer payment

Customer payment details stolen in JM Bullion hack

Hackers have recovered personal information and payment details from customers who made purchases from precious metals trader JM Bullion in a cyberattack that lasted six months earlier this year. JM Bullion discovered in July that malicious code had been embedded in its online shopping platform, allowing hackers to capture information entered by customers during a […]