CBN to Sanction Banks, Others for Violation of Payment System Rules

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Central Bank of Nigeria, Abuja

Enterprise Television- CBN to Sanction Banks, Others for Violation of Payment System Rules

The Central Bank of Nigeria (CBN) Director, Banking and Payment System Department (BPSD), Mr. Dipo Fatokun yesterday said CBN will impose N10, 000 daily fine on banks and other electronic payment service providers that fail to renew its operating licence within the regulatory deadline.

He gave this warning in a circular titled, “Re: Sanctions on erring banks/e-payment service providers for infractions of payment system rules and regulations”.

He said: “Please informed that operators in the National Payment System shall be sanctioned with a penalty of N10,000 per day for as long as the infractions below subsist: “Failure to apply for renewal of an operating licence three months before the date of expiration of the license. “Failure to regularise and respond to observations/exceptions noted by the Bank in the course of processing and application for the renewal of an operating license within three weeks”.

Speaking further, Fatokun stressed that the sanctions would become effective from April 1st this year.”