Disaggregation of Bulk Payment

CENTRAL BANK OF NIGERIA
Central Business District, Cadastral Zone AO
P.M.B. 0187, Garki Abuja.

PAYMENTS SYSTEM MANAGEMENT DEPARTMENT
Tel: 09 462 38300, 09 462 38346 e-mail: psmd@cbn.gov.ng website: www.cbn.gov.ng PSM/DIR/PUB/CIR/01/026 September 6, 2021 Circular To: Banks and Payment Service Providers

Disaggregation Of Bulk Payment

The Central Bank of Nigeria (CBN) has noticed the inherent problems associated with the processing of bulk transfers by banks and payment service providers (PSPs). Currently, originating banks and PSPs pass a single debit entry through the initiating customer's account and multiple credits to beneficiaries without adequate records of the credit entries in their system. This distorts the audit trail and hampers transparency.

In order to address this challenge, the CBN hereby directs that all end-toend bulk payments or transfers shall henceforth be processed on the platforms of banks or PSPs for their customers with a detailed breakdown of the accounts that receive the credits retained in the custody of the sender's banks. All banks and PSPs are required to ensure full compliance with this requirement and all other payment system regulations.

Please be guided accordingly.

Musa I. Jimoh
Director, Payments System Management Department