Saturday, 16 October 2021

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Electronic payment system: CBN to sanction banks, others for violation of payment system rules

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

 

Director, Banking and Payment System Department Mr. Dipo Fatokun gave this warning in a circular titled, “Sanctions on erring banks/e-payment service providers for infractions of payment system rules and regulations”.

Mr.  Fatokun stressed that the sanctions would become effective from April 1st this year. 

 

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