Regulatory Alerts2017-01-31 | BPS/DIR/CIR/016Exposure Draft of the ''Guidelines for the Direct Debit Scheme and Bills Payments in Nigeria
The Bill Payments system in Nigeria involves the use of payment platforms to facilitate the transfer of funds from payers to billers for various services. Stakeholders include payers, billers, payer's bank, biller's bank, payments service provider (PSP), and regulators such as the Central Bank of Nigeria (CBN). To be eligible, service providers must obtain a license from CBN to provide payment services or integrate with a licensed PSP. Billers must also have an account with a bank that will receive their proceeds. A service level agreement is required between the platform provider and biller for terms of engagement, roles and responsibilities, minimum service delivery commitments, obligations, and penalties. Dispute resolution systems should be in place to manage payment disputes fairly, while transaction settlement occurs through existing market settlement mechanisms. Customer support is crucial and should be accessible via multiple channels like phone, email, or web.