Regulatory Alerts2018-01-05 | BPS/DIR/GEN/CIR/01/005Sanctions 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.
BANKING AND PAYMENTS SYSTEM DEPARTME CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187. Garki, Abuja.
+234 - 0946238445 BPS/DIR/GEN/CIR/05/001 January 04, 2018 CIRCULAR TO: ALL DEPOSIT MONEY BANKS, MOBILE MONEY OPERATORS, SWITCHES AND OTHER PAYMENTS SYSTEM SERVICE PROVIDERS RE: SANCTIONS ON ERRING BANKS/e-PAYMENT SERVICE PROVIDERS FOR INFRACTIONS OF PAYMENTS SYSTEM RULES AND REGULATIONS.
Further to our Circular referenced BPS/DIR/GEN/CIR/02/007, dated 29th July 2015, on the above subject, please be informed that operators in the National Payments System shall be sanctioned with a penalty of ₦10,000.00 per day for as long as the infractions below subsist:
-
Failure to apply for the renewal of an operating licence three (3) months before the date of expiration of the licence.
-
Failure to regularize and respond to observations/exceptions noted by the Bank in the course of processing an application for the renewal of an operating licence within three (3) weeks.
-
Licensed operators in the Nigerian Payments System should note that the provisions of this Circular become effective from 1st April, 2018
Please be gu 'Dipo Fa Director, Banking and Payments System Department