- Ad-
The Central Bank of Nigeria (CBN) has made it clear that all the banks using unlicensed third party electronic payment solution are subject to a fine of N10 million ($60551), which is part of the regime of sanctions contained in the guidelines on electronic payment of salaries, pensions, suppliers and taxes in Nigeria
The guidelines also say that, Non-availability of help desk/contact centre to receive enquiries, complaints and provide feedback on e-payment issues, will lead to suspension of the bank’s end-to-end e-payment operations until conditions are satisfied.
- Ad -
Non-Provision of monthly report on reported complaints & resolution status to the Bank attracts N25,000 penalty for each day for which report is not provided to the Bank, while submission of false or inaccurate reports will attract penalty of N250, 000 and a warning letter to the Managing Director.
The guidelines explained that, payment instructions and associated schedules are no longer to be transmitted to deposit money banks (DMBs) by all public and private sector organizations through unsecured channels, such as paper- based mandates, flash drives, compact discs (CD), email attachments , etc.
While nationwide commencement date of end-to-end e-payment of salaries, pensions, suppliers and taxes is January 9, 2014, compliance monitoring and enforcement will be in stages. This is to give enough time to all stakeholders to make necessary adjustments as may be required. Compliance monitoring and enforcement by CBN shall be according to the schedule below.
According to the apex bank all salaries, pensions, suppliers and taxes should be through end-to-end electronic payment.
The guidelines stated that banks are expected to:
- Promote the adoption of end-to-end electronic payments by all stakeholders covered by the guidelines;
- Provide paying organizations and beneficiaries with e-payment enabled bank accounts or any other approved electronic channel that promotes financial inclusion;
- Process electronic payment instructions in accordance with subsisting payments system and clearing house rules;
- Publish customer service contact details and maintain customer service desks in all branches, to promptly attend to all electronic payment enquiries and challenges within stipulated timelines;
- Maintain and make available to the Bank, on a periodic basis, report of all electronic payment transactions processed and report of customer complaints, indicating resolution status.
- Ad -
