2012-01-06 | BPS/DIR/GEN/CIR/01/015

Circular to all Deposit Money Banks

The Central Bank of Nigeria (CBN) has set January 9th, 2012 as the commencement date for the implementation of end-to-end straight through electronic payments of suppliers, taxes, salaries, and pensions by organizations with more than 50 employees or pensioners. Deposit Money Banks must cease processing payment instructions delivered via unsecured methods, like flash drives, compact discs, or email attachments from that date. CBN also encourages banks to educate customers on adopting and implementing e-payment procedures.

Nigeria

Central Bank of Nigeria

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