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Nigeria’s apex bank CBN to sanction banks found violating payment procedures

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Commercial banks in Nigeria who do not comply with laid down payment systems of the Central Bank of Nigeria CBN risk being sanctioned, the CBN has revealed.

 

The apex bank gave the warning in a statement at its headquarters in Abuja on Monday and said a N10, 000 daily fine will be imposed on erring banks and other electronic payment service providers that fail to renew its operating licence within the regulatory deadline.

 

“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 regularize 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,” the statement read.

 

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