*CONTENTS OF A GENUINE ATM RECEIPT IN NIGERIA.* DAILY LAW TIPS (Tip 292) By Onyekachi Umah, Esq., LLM. ACIArb(UK)

Due to developments in electronic payment system across Nigeria, the Central Bank of Nigeria approved a format for every physical and electronic records of transactions in Nigeria from any transaction channel including ATMs, POS, Internet Payments, Mobile Payments, Physical Branch or agent.

The approved receipt formats are sufficient proof of transactions in Nigeria and as such all financial institutions must provide customers with only approved receipts.

An approved receipt from an Automated Teller Machine (ATM), must contain the following;
1. Name of the Service Provider
2. Location/Terminal Identity
3. Transaction Identity
4. Date of transaction
5. Time of Transaction
6. Transaction type
7. Sequence Number
8. Account Name
9. Amount
10. Personal Account Number (PAN) (But should be Masked)
11. Card Type
12. Account Type
13. Reference Number

My authorities are sections 47(4) of the Central Bank of Nigeria Act, 2007 and Approved Format of Evidence For Electronic Transactions, 2013.

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DAILY LAW TIPS
by Onyekachi Umah,Esq.
(Tip 202)
“It Is A Crime To Make A Cash Transaction Of A Sum More Than Five Million Naira In Nigeria”.

No individual person in Nigeria is allowed to pay or accept cash payment of any sum more than Five Million Naira (N5, 000,000.00) or its equivalent. In the case of a corporate being (Companies, Incorporated Trustee and Registered Businesses) they cannot accept or make payment of any sum more than Ten Million Naira (N10,000,000.00) or it it’s equivalent. Note that, Individuals and corporate bodies can make or accept such sums and above, where such transaction is carried out through a financial institution.

My authority is section 1 of the Money Laundering (Prohibition) Act, 2011 (As Amended).

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NOTE: Sharing or modifying or publishing this publication without giving credit to Onyekachi Umah, Esq. and LearnNigerianLaws.com is a criminal breach of copyright and will be prosecuted. Please share this publication till it gets to those that need it most. Save a Nigerian today!

To receive our Daily Law Tips for free follow our Facebook page, Twitter, Instagram and YouTube via “@LearnNigerianLaws”.
This is the writer’s view not a legal advice and does not create any form of relationship. You may reach the writer for more information.

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