CBN to Sanction Erring Banks e-Payments Service Providers for Infraction of System Rules and Regulations

Godwin Emefiele, Governor, Central Bank of Nigeria

January 8, 2018/CBN

Further to our Circular referenced BP5IDIR/GENICIR/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 N10,000.00 per day for as long as the infractions below subsist:

1. Failure to apply for the renewal of an operating licence three (3) months before the date of expiration of the licence.

2. 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.

3. Licensed operators in the Nigerian Payments System should note that the provisions of this Circular become effective from 1st April, 2018.