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 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).
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.
This 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.
According to regulations, non-provision of monthly report on reported complaints and resolution status to the CBN would attract N5,000 penalty for each day for which the report is not provided.
According to the regulations, non-provision of evidence that an automated notification was sent to beneficiaries who signed up for the alert services and charges applied means that the CBN or the solution provider will refund the charges at twice the value deducted.
