10 January 2018

Nigeria: CBN Warns Operators On Licence Renewal, Others

The Central Bank of Nigeria (CBN) has advised operators in the national payment system to ensure that they renew their operating licence three months before the date of its expiration.

Failure to abide by this directive, the central bank warned would attract a penalty of N10,000 per day for as long as the infraction subsists.

This sanction would become effective from April 1, 2018, the banking sector regulator stressed.

The CBN gave the warning in a circular dated January 4, 2018, that was addressed to all deposit money banks, mobile money operators, switches and other payment system service providers.

The circular which was signed by the Director, Banking and Payment System, CBN, Mr. Dipo Fatokun, was obtained on the Bank's website yesterday.

It explained: "Further to our circular referenced BPS/DIR/GEN/CIR/02/007, dated July 2015, on the above subject, please be informed that operators in the national payment system shall be sanctioned with a penalty of N10,000 per day for as long as the infraction below subsist -

"Failure to apply for the renewal of an operating licence three months before the date of expiration of the licence.

"Failure to regularise and respond to observations/exceptions noted by the Bank in the course of processing an application for the renewal of an operating licence within three weeks.

"Licenced operators in the Nigerian Payment System should note that the provisions of this circular become effective from April 1, 2018."

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