Connect with us

Economy

CBN releases regulation for electronic payments, collections

Published

on

The Central Bank of Nigeria (CBN) on Tuesday released regulation for electronic payments and collections for public and private sectors in the country.

The Nigeria News Agency reports that 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.

reports that the CBN also introduced other fines for other forms of infractions.

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.

“The objective of the regulation is to fully align with the core objectives of the National Payments System Vision 2020.

“It is 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 CBN noted that the regulation was set out to provide all stakeholders with the operational procedures that guide end-to-end electronic payment for the public and private Sector.

It states that the regulation applies to all CBN regulated entities operating in Nigeria.

The apex bank also mandated adoption, implementation and compliance with the directives on end-to-end electronic payments of all forms of salaries, pensions & other remittances, suppliers, revenue collections.

It said that it was not limited to taxes and levies, among others.
JNC/GOK
Edited by Olagoke Olatoye

Contact US: editor@nnn.com.ng, nnnnews247@gmail.com

Recent Posts

January 2020
MTWTFSS
« Dec
12345
6789101112
13141516171819
20212223242526
2728293031

NNN News Nigeria: NNN is an online Nigeria news portal that publishes breaking news in politics, business, entertainment, sport, security, features, opinion, environment, education, technology, and the world news at large. NNN publishes only news that is factual, credible, verifiable, authoritative and investigative. NNN is a media subscriber of the News Agency of Nigeria. NNN is a unique media organization that is founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favor. Contact: editor@nnn.com.ng

© 2014 - 2019 NNN News Nigeria. All Rights Reserved.

editor@nnn.com.ng