CBN Releases New Guideline For Electronic Payments, Collections
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The Central Bank of Nigeria (CBN) has new guidelines for electronic
payments and collections for public and private sectors in the country.
The regulation is a revision of the Guidelines on Electronic Payment
of Salaries, Pensions, Suppliers and Taxes in Nigeria (2014).
The CBN, in the regulation, introduced a penalty of two million for
Deposit Money Banks (DMBs) on third party e-payment solution not approved by
it on every repeated occurrence.
It also introduced penalty of One million naira for Other Financial
Institutions (OFIs) on third party e-payment solution not endorsed by the
apex bank.
The apex bank states on its website that the regulation is intended to
guide the end-to-end electronic payment of salaries, pensions and other
remittances, suppliers and revenue collections in Nigeria.
The apex bank said in the regulation on its website that it was
intended to guide the end-to-end electronic payment of salaries, pensions and
other remittances, suppliers and revenue collections in Nigeria.
The CBN noted that the regulation was set out to provide all
stakeholders with the operational procedures that guide end-to-end electronic
payment for the public and private Sector and applies to all CBN units in
Nigeria.
The apex bank also mandated adoption, implementation and compliance
with the directives on end-to-end electronic payments of all forms of
salaries, pensions & other remittances, suppliers, revenue collections.
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It said that it was not limited to taxes and levies, among others
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