2019-09-09 | PSM/DIR/GEN/CIR/01/12

Regulation on Electronic Payments and Collections for Public and Private sector in Nigeria

The Central Bank of Nigeria (CBN) issues regulations for electronic payments and collections in the public and private sectors, promoting safe, efficient, and convenient transactions. These regulations apply to CBN-regulated entities, mandating the adoption of electronic payments for salaries, pensions, remittances, suppliers, and revenue collections. The CBN's role includes licensing and supervision, while stakeholders like banks and payment service providers facilitate transactions and maintain customer support. Non-compliance with these regulations results in penalties.

Nigeria

Central Bank of Nigeria

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