Sent Money to the Wrong Account? CBN Rules Explain How to Seek a Refund

If you transfer money to the wrong bank account, report it to your bank immediately and provide your transfer receipt, reference number, amount, date and the beneficiary’s account details. Ask the bank to start a formal transfer-recall process and keep your complaint reference number and all follow-up records. Under the CBN’s rules for instant interbank transfers, your bank may contact the receiving bank after checking your complaint. If the funds are still available, the receiving bank may place a lien on the disputed amount and seek the recipient’s consent before reversing the transfer. If the recipient refuses, the banks’ internal auditors are expected to mediate within two weeks under the procedure. If the money has already been spent and is not returned, the receiving bank may watch-list the recipient’s BVN, and your bank may refer the matter to law enforcement. If your bank does not resolve your complaint within the applicable timeline, you can escalate it to the CBN after first complaining to your bank. A refund is not guaranteed; it depends on the circumstances and whether the funds can be recovered. Have you ever sent money to the wrong account in Nigeria? Did your bank help you get it back? Share your experience to help others facing the same problem.

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