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Authority To Debit Letter for Nigeria

Authority To Debit Letter Template for Nigeria

An Authority to Debit Letter is a formal banking document used in Nigeria that grants a bank or financial institution the legal authority to debit a specified account for defined purposes. The document operates under Nigerian banking laws, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria regulations. It serves as a written authorization from an account holder, permitting automatic debits for various purposes such as loan repayments, recurring bills, or scheduled payments. The document includes specific details about the account, debit amounts, frequency, and duration of the authority.

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What is a Authority To Debit Letter?

The Authority To Debit Letter is a fundamental document in Nigerian banking operations, used when an account holder needs to authorize regular or one-time debits from their account. This document is crucial for establishing standing payment arrangements, loan repayments, or automated bill payments. Under Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and CBN guidelines, such written authorization is required to protect both the bank and the account holder. The letter typically specifies the account details, authorized debit amounts, frequency of debits, and the duration of the mandate. It's commonly used in various scenarios, from personal banking arrangements to corporate financial management, and forms a key part of Nigerian banking documentation requirements for automated payment processes.

What sections should be included in a Authority To Debit Letter?

1. Letter Header: Bank's name and address as recipient, date, and reference number if applicable

2. Account Holder Details: Full name, address, and contact information of the account holder giving the authorization

3. Account Information: Specific details of the account to be debited, including account number and account name

4. Authorization Statement: Clear and unambiguous statement authorizing the bank to debit the account

5. Debit Details: Amount to be debited, frequency of debits, and purpose of the authorization

6. Duration of Mandate: Specification of how long the authority to debit remains valid

7. Signature and Date: Space for account holder's signature and date of signing

What sections are optional to include in a Authority To Debit Letter?

1. Multiple Account Details: Required when authorization covers more than one account

2. Specific Conditions: Any special conditions or restrictions on the debit authority

3. Beneficiary Details: Information about the recipient of the debited funds, if applicable

4. Cancellation Terms: Specific terms for canceling or revoking the authority

5. Joint Account Holder Details: Required when the account is jointly held, including additional signatures

6. Transaction Limits: Any maximum or minimum limits on debit amounts

What schedules should be included in a Authority To Debit Letter?

1. Schedule A - Account Details: Detailed listing of all accounts covered by the authority, required for multiple accounts

2. Schedule B - Payment Schedule: Detailed breakdown of payment amounts and dates for recurring debits

3. Appendix 1 - Supporting Documents: Copies of relevant identification documents or previous arrangements being referenced

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Letter of Authority

Sector

Banking

Cost

Free to use
Relevant legal definitions




















Clauses




















Relevant Industries

Banking and Financial Services

Insurance

Telecommunications

Utilities

Real Estate

Education

Retail

Healthcare

Professional Services

Manufacturing

Lending and Microfinance

Non-Profit Organizations

Relevant Teams

Legal

Finance

Compliance

Operations

Customer Service

Risk Management

Treasury

Collections

Account Management

Banking Operations

Corporate Services

Relevant Roles

Banking Operations Manager

Account Manager

Financial Controller

Compliance Officer

Legal Counsel

Credit Manager

Treasury Manager

Relationship Manager

Collections Officer

Finance Director

Company Secretary

Risk Manager

Branch Manager

Operations Director

Customer Service Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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