Regulatory Alerts2019-12-24 | PSM/PSI/GEN/CWD/01/028Guideline on Nigerian Payments System Risk and Information Security Management Framework
The Central Bank of Nigeria's (CBN) Nigerian Payments System Risk and Information Security Management Framework aims to guide the management of risks associated with the country's payment systems. It identifies and addresses systemic risks, establishes sound governance arrangements, sets clear rules, and allocates resources for effective risk management. The framework covers domestic, offshore, and cross-border payment systems, including those involving multiple currencies. It outlines the roles and responsibilities of the CBN, Payment Initiative Coordinating Committee, and Payments Scheme Boards in ensuring the resilience and efficiency of the Nigerian Payments System. The document also defines various risks, such as systemic, credit, liquidity, operational, legal, settlement, and information security risks, and provides policy expectations and guidelines for their management. Scheme-specific requirements are outlined for card, RTGS, ACH, cheque, instant, and mobile payment systems. The framework emphasizes the importance of business continuity, know-your-customer practices, scheme operations, settlement rules, information security, and dispute resolution. Risk monitoring, reporting, and CBN oversight are also addressed to ensure the integrity and stability of Nigeria's payment systems.