Sanctions on Erring Banks/ E-payment Service Providers for Infractions of Payment System Rules and Regulations

The Central Bank of Nigeria issued a circular, “Sanctions on erring banks/e-payment service providers for infractions of payments system rules and regulations”, which informs operators in the national payment systems- deposit money banks, mobile money operators, switches and other payment service providers- that it will face a penalty of N10,000 per day for as long as the specified license-related infractions persist, starting 1st April 2018.

Infractions specified in the circular include failure to apply for renewal of an operating license three months before the date of expiration and failure to regularize and respond to observations/expectations noted by the Bank in the course of processing an application for the renewal of an operating license within three weeks.

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2018
Date of Document: 
Thursday, January 4, 2018
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Central Bank of Nigeria

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