The Central Bank of Nigeria has announced a series of new sanctions that will be meted out to deposit money banks, mobile money operators, payment solution service providers and other financial institutions for electronic payment infractions.
The CBN, on Tuesday, issued the ‘Regulations on Electronic Payments and Collections for Public and Private Sectors in Nigeria’, which it described as a revision of the Guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria (2014).
It said the regulations were intended to guide the end-to-end electronic payment of salaries, pensions and other remittances, suppliers and revenue collections in the country.
According to the apex bank, the objective of the regulations is to fully align with the core objectives of the National Payments System Vision 2020 to ensure the availability of safe, effective and efficient mechanisms for conveniently making and receiving all types of payments from any location and at any time, through multiple electronic channels.
“This will reduce the time and costs of transactions, minimise leakages in revenue receipts and at the same time provide reliable audit trails, thereby ensuring that the Nigerian payments system aligns with international best practices,” it said.
The regulations apply to all CBN-regulated entities operating in the country and mandates adoption, implementation and compliance with the directives on end-to-end electronic payments of all forms of salaries, pensions and other remittances, and revenue collections including taxes, levies, penalties and recoveries.
Source: Punch Newspaper.
