FirstBank Online Money Transfer – Important Information on Next Day Value

FirstBank Online Money Transfer.

In compliance with the CBN circular on the “Review of Operations of the NIBSS Instant Payment (NIP) System and other Electronic Payment Options with Similar Features”, please be advised that the following modifications have been made on the our FirstOnline platform.

Transfers by Individual Customers:

  1. A default daily limit of N1 million has been set for interbank transfers with instant value for individual customers across all electronic channels.
  2. The “NEXT DAY VALUE” option for inter-bank transfers above the daily limit of N1 million has now been implemented on the FirstOnline platform.
  3. Where an individual customer has reached his cumulative daily limit of N1 million for instant interbank funds transfer for a particular day, such customer can still initiate transfers to other banks, as long as the value does not exceed a daily limit of N10 million for Next Day Value transactions. However, the beneficiary’s account will be credited on the next working day (T+1).
  4. Please note that individual customers who wish to initiate instant interbank funds transfer for amounts above N1million and up to N5 million would be required to execute a written indemnity.
  5. Once the indemnity is in place, an individual customer will be able to initiate instant interbank funds transfers to the tune of N5 million daily.

Transfers by Corporate Customers:

  1. A default daily limit of N10 million has been set for interbank transfers with instant value for Corporate customers  on the FirstOnline platform.
  2. The “NEXT DAY VALUE” option for inter-bank transfers above N10 million has now been implemented on the FirstOnline platform.
  3. Where a Corporate customer has reached his cumulative daily limit for instant interbank funds transfer for a particular day, such corporate customer can still initiate transfers to other banks, as long as the value does not exceed a daily limit of N100 million for Next Day Value transactions. However, the beneficiary’s account will be credited on the next working day (T+1).
  4. Please note that corporate customers who wish to initiate instant interbank funds transfer for amounts above N10 million and up to N100 million would be required to execute a written indemnity.
  5. Once the indemnity is in place, a corporate customer will be able to initiate instant interbank funds transfers to the tune of N100 million daily. Transaction above N100million can be processed at the branch through the RTGS platform.

Frequently Asked Questions

What is the default daily limit for Interbank transfers on FirstOnline?

The default daily limit for interbank transfers with instant value for individual customers is N1 million, and N10 million for corporate customers on FirstOnline.

Can users increase their default daily limit for interbank transfer on FirstOnline?

Yes, customers who wish to initiate instant interbank funds transfer for amounts above N1million and up to N5 million daily for individual customers or above N10 million and up to N100 million daily for corporate customers would be required to execute a written indemnity and submit the same to any of our branches.

What is NDV (Next Day Value)?

NDV or Next Day Value refers to the regulatory requirement, where a customer, who has reached his cumulative daily limit of N1 million for individual customers or N10 million for a corporate customer for instant interbank funds transfer for a particular day, can still initiate transfers to other banks, as long as the value does not exceed a daily limit of N10 million for individual customers and N100 million for corporate customers for Next Day Value transactions. However, the beneficiary’s account will be credited on the next working day (T+1).

Can funds in NDV be recalled?

Yes, customers wishing to recall funds in NDV can call 0700FIRSTCONTACT (0700-34778-2668228), 01-4485500, 0708-062-5000 or email firstcontact@firstbanknigeria.com or visit any of our branches nearest to them.

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