9 January 2018

Nigeria: CBN to Sanction Banks, Others for Violation of Payment System Rules

The Central Bank of Nigeria (CBN) yesterday threatened to impose N10, 000 daily fine on banks and other electronic payment service providers that fail to renew its operating licence within the regulatory deadline.

Director, Banking and Payment System Department (BPSD), CBN, Mr. Dipo Fatokun gave this warning in a circular titled, "Re: Sanctions on erring banks/e-payment service providers for infractions of payment system rules and regulations".

He said: "Please informed that operators in the National Payment System shall be sanctioned with a penalty of N10,000 per day for as long as the infractions below subsist: "Failure to apply for renewal of an operating licence three months before the date of expiration of the license. "Failure to regularise and respond to observations/exceptions noted by the Bank in the course of processing and application for the renewal of an operating license within three weeks".

Speaking further, Fatokun stressed that the sanctions would become effective from April 1st this year."

Nigeria

More Nigerians Seeking Greener Pastures Abroad

There are indications that over 500,000 Nigerians have emigrated from the country since 2016. Read more »

See What Everyone is Watching

Copyright © 2018 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.