The Central Bank of Nigeria has issued a regulation on the end-to-end electronic payment of salaries, pensions and other remittances, suppliers and revenue collections in Nigeria.
The apex bank disclosed this in a circular to all Deposit Money Banks, Other Financial Institutions and the general public on, ‘Exposure draft for the regulation on end-to-end electronic payment of salaries, pensions and other remittances, suppliers and revenue collections in Nigeria, revised 2018’ on Tuesday.
In the regulation, the CBN introduced a penalty of two-point-five million naira on DMBs and Other Financial Institutions on every repeated occurrence of specific infractions and termination of the use of the unapproved end-to-end e-payment solution.
Join our twitter community :