Regulatory Alerts2012-01-06 | BPS/DIR/GEN/CIR/01/015Circular 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.
CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187 Garki, Abuja 09 - 46238445 09 - 46238455 (Fax) BPS/DIR/GEN/CIR/01/015 January 5, 2012 CIRCULAR TO ALL DEPOSIT MONEY BANKS COMPLIANCE WITH COMMENCEMENT DATE FOR THE IMPLEMENTATION OF ELECTRONIC PAYMENTS IN NIGERIA In its efforts at enhancing the efficiency and security of the payment system in the country, the Central Bank of Nigeria hereby sets 9th January, 2012 as the commencement date for the implementation of end-to-end straight through electronic payments of Suppliers, all forms of Taxes, Salaries and Pensions by both private and public organisations with more than 50 employees/pensioners in Nigeria.
To this end, all Deposit Money Banks (DMBs) are to dishonour payment instructions with schedules delivered via unsecured methods such as Flash Drives, Compact Discs or e-mail attachments with effect from that date.
To support this initiative, Deposit Money Banks are hereby implored to properly educate and advise their customers on the adoption and implementation procedures for an end-to-end e-payment.
0 misk G. I. Emokpae Ag. Director, Banking & Payments System Department