CBN Releases New Guideline For Electronic Payments, Collections
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. Governor-Central-Bank-of-Nigeria-CBN-Godwin-Emefiele-right-Deputy-Governor-Financial-System-Stability-Mrs.-Aishah-Ahmad-and-her-Operations-counterpart...