2016-09-16 | BPS/DIR/GEN/CIR/03/006

Circular On The Prevention Of Exposure To Banks Through Payment Solutions

The Central Bank of Nigeria has issued a circular to address growing exposures of banks through payments solutions due to operational failures. Banks and payment solution service providers must give values to customers after settlement at T+1, with exceptions for organizations requiring instant value or schemes with adequate collateral arrangements. Payments solution service providers should implement system monitoring tools, and they, along with participating banks, need to plan their ICT resources effectively to avoid system overstretch.

Nigeria

Central Bank of Nigeria

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