Regulatory Alerts2019-10-10 | PSM/DIR/CON/CWO/02/091Regulation for the Operation of Indirect Participants in the Payments System
The Central Bank of Nigeria issues a regulation for the operation of indirect participants in the payments system, effective November 11, 2019. The regulation sets out the criteria for institutions to qualify as indirect participants, their obligations, and the components of the payments system they can take part in. It also outlines the dispute resolution process and sanctions for non-compliance.
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payments