2018-03-14 | BPS/DIR/GEN/CIR/01/007

Regulation For Direct Debit Scheme In Nigeria, 2018 (Revised)

The Central Bank of Nigeria (CBN) has released regulations for direct debit schemes in the country, which outline the roles and responsibilities of participants, including billers, banks, and payment service providers. The regulations aim to promote a sound financial system and facilitate the development of an efficient and effective payments system. The document covers key aspects such as participant eligibility, mandate requirements, indemnity provisions, and dispute resolution mechanisms. It also includes sample forms for direct debit mandates and indemnities. Overall, the regulations provide a comprehensive framework for direct debit transactions in Nigeria, ensuring consumer protection and compliance with CBN guidelines.

Nigeria

Central Bank of Nigeria

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