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

By Babajide Komolafe

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

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

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

He said: “Please informed that operators in the National Payment System shall be sanctioned with a penalty  of N10,000 per day for as long as the infractions below subsist: “Failure to apply for renewal of an operating licence three months before the date of expiration of the license. “Failure to regularise and respond to observations/exceptions noted by the Bank in the course of processing  and application for the renewal of an operating license within three weeks”.

Speaking further, Fatokun stressed that the sanctions would become effective from April 1st this year.”

The post CBN to sanction banks, others for violation of payment system rules appeared first on Vanguard News.

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