The Central Bank of Nigeria (CBN) has released regulation 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 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.
Going by this, it has 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; penalty of One million naira for Other Financial Institutions (OFIs) on third party e-payment solution not endorsed by the apex bank, among other fines for other forms of infractions.
Click link to see 16-page guidlines: ow.ly/Oddv50w42hN