2011-11-25 | BPS/DIR/CIR/GEN/02/031

Penalty for non-compliance with NIBSS format for sending settlement report

The Central Bank of Nigeria has mandated switches to adhere to the NIBSS format for sending settlement reports by November 30, 2011. Failure to comply will result in a penalty of N50,000 per day after the deadline. This is to ensure value for merchants on T+1 and build public confidence in Nigeria's electronic payment system, particularly for the implementation of Lagos' cashless project.

Nigeria

Central Bank of Nigeria

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