Bank chiefs who breach Central Bank of Nigeria’s (CBNs) e-payment reporting rules, including submitting/reporting false or inaccurate reports, are to be warned, the apex bank said yesterday.
Besides, the erring banks will get a penalty of N250, 000. Lenders that fail to ensure that third party end-to-end e-payment solution used by the bank/financial service provider is approved by CBN will also get N2.5 million fine and the managing director issued a warning letter.
The threat was contained in a draft guideline on end-to-end electronic payment of salaries, pensions, suppliers and taxes released yesterday by the apex bank.
The draft guideline, signed by CBN Director, Payments System Management Department, Sam Okojere, said the banks were expected to promote the adoption of end-to-end electronic payments by all stakeholders covered by this regulation.
The guideline is in exercise of CBN’s powers, as provided in the CBN Act, 2007, Section 47, sub section 2(2d), hereby issues the following Regulation on the end-to-end electronic Payment of Salaries, Pensions & other Remittances, Suppliers and Revenue Collections in Nigeria.
“They are also to provide payers and beneficiaries with e-payment enabled bank accounts with Deposit Money Banks, Other Financial Institutions or any other approved channel for receiving payments such as mobile money/electronic wallet, subject to the Bank’s approved Know Your Customer (KYC) limits,” the guideline read.
The banks are also to process electronic payment instructions in accordance with subsisting payments system and clearing system rules and publish customer service/ contact centres details via multiple media channels and maintain customer service contact centres, to promptly attend to all electronic payment enquiries and challenges within stipulated timelines; and report of customer complaints, indicating resolution status.
