Regulatory Alerts2014-03-10 | CBN/BPS/PSV/GEN/014/05The Guidelines on Electronic Payments of Salaries, Pensions, Suppliers and Taxes in Nigeria
The Bank has outlined several key responsibilities, penalties, and sanctions that the e-payment service provider must abide by as part of their partnership agreement. Some main points include: 1. No unapproved e-payment solutions will be provided or offered. Violators may face a one-year ban on obtaining an operating license from CBN. 2. All electronic payments must be completed within the stipulated timelines set by The Bank, with non-compliance resulting in either a penalty of N5,000 per delayed payment instruction or suspension of the provider's license for 20% of transactions within one month. 3. The provider must provide monthly reports on salaries, pensions, suppliers & taxes to The Bank. Failure or submission of false or inaccurate reports may result in a daily N15,000 penalty and a warning letter to the Managing Director with sanctions such as license/approval suspension for repeated occurrences.