E-Financial
CBN Threatens to Sanction Bank Chiefs Who Breach ePayment Rules
Central Bank of Nigeria (CBN) said it will sanction bank chiefs who its breach e-payment reporting rules, including using unapproved third party end-to-end payment solution.
Chief executives of banks who flout the apex bank’s guidelines will get a warning letter with the institution fined N2million, the regulator said in the approved guideline on end-to-end electronic payment of salaries, pensions, suppliers and taxes it released
The CBN insists on approving all third party payment solution being deployed by banks.
The approved guideline, said the banks were expected to promote the adoption of end-to-end electronic payments by all stakeholders covered by this regulation.
The approved guidelines also mandated bank customers that receive duplicate or excess payments into their accounts but fail to refund to the bank will have their Bank Verification Number (BVN) placed on the watchlist.
In the CBN regulation on electronic payments and collections for public and private sector, it said that in the event of duplicated/excess payment not noticed but withdrawn by the beneficiary, the beneficiary shall make funds available for refund to the payer.
It said non- compliance shall result in placement of the beneficiary on the BVN Watch-list.
The regulator said that bank employees and pensioners are to maintain appropriate bank accounts with banks, Other Financial Institutions or any other approved channel for receiving payments such as mobile money/electronic wallet, subject to the CBN’s approved Know Your Customer limits; provide valid account and contact details to the Payer; report cases of non-payment, delayed payment or wrong payment of salaries/contributory pension remittances carried out on a CBN approved e-payment platform, to the Payer; register and maintain a Retirement Savings Account (RSA) with a licensed Pension Fund Administrator (PFA).
It said the apex bank in exercise of its powers under the CBN Act, 2007 released the new guidelines to fully align with the core objectives of the National Payments System Vision 2020 (PSV2020) to ensure the availability of safe, effective and efficient mechanisms for conveniently making and receiving all types of payments from any location and at any time, through multiple electronic channels.
This, it said, will reduce the time and costs of transactions, minimise leakages in revenue receipts and at the same time provide reliable audit trails, thereby ensuring that the Nigerian Payments System aligns with international best practices.
The regulator also said that banks, other financial institutions and mobile money operators are to promote the adoption of end-to-end electronic payments by all stakeholders covered by this Regulation.
The financial institutions are to also provide payers and beneficiaries with appropriate accounts with banks, other financial institutions or any other approved channel for receiving payments such as mobile money/electronic wallet, subject to the CBN’s approved Know Your Customer limits.
The e-payment payers are to also adopt end-to-end electronic payment of salaries for employee staff strength of 20 and above; maintain appropriate account with banks or other financial institutions and adopt a CBN approved end-to-end electronic payment platform and use for all forms of payment and collections.
Kuda Microfinance Bank partnered with Lovers & Frnds for a Valentine’s edition event on Sunday, February 15, at Space Hub Lekki, Lagos, redefining celebrations around love, friendship, and social connections beyond romance.
Kuda Bank
The R&B-themed gathering drew couples, friend groups, and solo attendees with music sets from DJs like TGarbs, games, gift exchanges, and colour-coded tags—red for relationships, yellow for mingling singles, orange for non-minglers—to spark easy interactions.
Kuda activated a branded photo booth, merchandise giveaways, prize activities, and complimentary drinks for Premium loyalty tier customers, while vendors used Kuda Business POS terminals for seamless cashless payments.
Senior Brand Manager Emmanuel Femi-Adejobi said: “We partner with experiences matching our customers’ lifestyles in music and entertainment, creating spaces they genuinely connect with—we’ll keep supporting how they live and celebrate.”
Central Bank of Nigeria (CBN) has lowered its Monetary Policy Rate (MPR) by 50 basis points to 26.50 percent from 27 percent, a unanimous decision announced by Governor Olayemi Cardoso at the end of the 304th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
CBN
Cardoso cited 11 straight months of decelerating headline inflation—reaching 15.10 percent in January 2026 per National Bureau of Statistics—as key, driven by prior tightening lags, naira stability, food supply gains, steady petroleum prices, export earnings, remittances, and balance of payments strength.
Liquidity ratio stays at 30 percent, CRR unchanged at 45 percent for commercial banks (16 percent merchant banks) and 75 percent non-TSA public deposits; standing facilities corridor now +50/-450 basis points around MPR.
The MPC retained other parameters, welcoming Executive Order 09 redirecting oil/gas revenues to the federation account for fiscal boost, last cutting rates in September 2025 after November’s hold.
Abiodun Olokunjuwon, a retired civil servant based in Ibadan has instituted a N50 million lawsuit against Moniepoint Microfinance Bank at the Oyo State High Court, alleging that the fintech company opened unauthorized bank accounts in her name without her knowledge or consent.
Filed in February 2026, the suit is among the first significant cases testing the enforcement of the Nigeria Data Protection Act 2023 against a Nigerian fintech institution.
According to the statement of claim, the plaintiff became aware of the alleged unauthorized accounts only after her legitimate bank account was restricted pursuant to a garnishee order linked to a debt she denies incurring.
The restriction reportedly prevented her from accessing funds needed for essential transactions.
The claimant alleges that Moniepoint opened two separate accounts in her name using her National Identification Number (NIN) and Bank Verification Number (BVN) without proper authorization or verification.
Following the discovery, she submitted a Data Subject Access Request (DSAR) under the NDPA 2023. Documents allegedly provided by the bank, according to the suit, revealed significant verification lapses.
The plaintiff claims the accounts were opened using falsified documents, including what she describes as a fake NIN slip and contact information unrelated to her.
She further alleges that the accounts listed a Lagos residential address where she has never lived.
The suit contends that Moniepoint failed to implement adequate identity verification and address confirmation procedures before creating and operating the accounts. It further alleges breaches of statutory obligations under the NDPA 2023, including:
- Failure to ensure personal data processed was accurate and lawfully obtained
- Failure to implement appropriate technical and organizational security measures
- Failure to prevent unauthorized or fraudulent processing of personal data
The claimant maintains that these alleged lapses resulted in serious personal and financial harm.
The plaintiff is seeking N50 million in damages for emotional distress, health complications, and disruption to her financial life.
She is also asking the court to order the permanent closure of the allegedly unauthorized accounts.
No date has been fixed for hearing on the matter.
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