CBN to sanction banks, others over failure to renew licenses

  • January 11, 2018

Source: Nigeria Communications Week

Central Bank of Nigeria (CBN) has threatened to impose N10,000 daily fine on banks and other electronic payment service providers that fail to renew its operating licence within the regulatory deadline.

This is contained in a circular titled, “Re: Sanctions on erring banks/e-payment service providers for infractions of payment system rules and regulations”.

Dipo Fatokun, director, Banking and Payment System Department (BPSD), CBN, said “Please (be) 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,” it read.

Fatokun added that the sanctions would become effective from April 1, 2018.

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