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.
Nigeria’s leading music figure and vocalist, Cobhams Asuquo, known for his singing and production said…
Following a mixed reaction from the South African community representatives, Khoi and San, the Cape…
Mitigating the process and service barriers in African rail transportation, the digital disruption has transformed…
Kais Saied, the Tunisian president has said in his speech that he will allow the…
You know the credibility of an ingredient when it’s plastered all over bottles and jars…
Cyclone Gombe that flooded large areas of central and northern Mozambique is consistently leading to…
This website uses cookies.