2018-01-05 | BPS/DIR/GEN/CIR/01/005

Sanctions on Erring Banks e-Payments Service Providers for Infractions of Payments System Rules and Regulations

The Central Bank of Nigeria's Banking and Payments System Department has issued a circular to all deposit money banks, mobile money operators, switches, and other payment system service providers, informing them of sanctions for non-compliance with payments system rules and regulations. Effective April 1, 2018, operators in the National Payments System will be fined ₦10,000 per day for infractions such as failure to apply for license renewal or address issues with their applications in a timely manner.

Nigeria

Central Bank of Nigeria

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