Section 24, The Payment Systems Act, 2009

(1) A system shall specify the principles applicable toachieve finality in its operations as provided for in this Part. (2) The final discharge of any indebtedness between participants in a clearing and settlement system shall take place through the Central Bank system. (3) Subject to this section and notwithstanding any enactment to the contrary, a payment or transfer which is effected in accordance with a designated system or the Central Bank system and which is intended to settle– 20 21 Availability of funds from transfer. Delay attributable to originator or beneficiary. Other rights of persons participating in execution of transfers. Obligation to execute and transfer full amount. Refund in the event of nonexecution. Principles to achieve finality in operations. (a) the payment obligations or settlement obligations of a participant in the system pursuant to a payment or settlement instruction as the case may be; or (b) what are believed by the person making the payment or transfer to be the payment obligations of a participant in the system, shall be final and irrevocable and shall not be reversed or set aside for any reason whatsoever. (4) Where it is established subsequently that any amount, right or property already paid or transferred was not in fact due, it shall constitute a fresh debt owed by the payee or transferee, as the case may be, to the person who made the payment or transfer. (5) If the Central Bank considers that the making of a payment or transfer referred to in subsection (3) is likely to result in systemic risk, the Central Bank may, by written notice to the participants concerned prohibit the making of the payment or transfer, if it has not already been made. (6) Where the Central Bank has prohibited the making of a payment or transfer pursuant to subsection (5), any transfer effected in contravention of the prohibition shall be void. (7) Notwithstanding any enactment to the contrary, no order of any court shall operate as a stay of any payment or transfer which is required to be made in accordance with a designated system or the Central Bank system and which is intended to settle– (a) the payment obligations or settlement obligations of a participant in the system; or (b) what are believed, by the person who is required to make the payment or transfer, to be the payment obligations or settlement obligations of a participant in the system.