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CBN Threatens to Sanction Bank Chiefs Who Breach ePayment Rules

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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and collections for public and private sector, it said that in the event of duplicated/excess payment not noticed but withdrawn by the beneficiary, the beneficiary shall make funds available for refund to the payer.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.

 

 


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E-Financial

CBN Launches New Website Today

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Central Bank of Nigeria (CBN) will today launch its newly redesigned website, www.cbn.gov.ng.

CBN Launches New Website Today

Mrs Hakama Sidi Ali, acting director, Corporate Communications, CBN, , made this known in a statement on Sunday in Lagos.

“We are pleased to announce the launch of our newly redesigned website (www.cbn.gov.ng), which will be operational on Monday, December 2, 2024.

“The redesigned website introduces a variety of new content, which encompasses a broader spectrum of information regarding the bank’s mandate.

“Additionally, the website is responsive to mobile devices, facilitating navigation across various web browsers and devices.

“The bank is grateful for the feedback provided by the public, which served as a valuable guide for our redesign endeavours,” she said.

Sidi Ali said the CBN was committed to developing and enhancing the website to facilitate communication.

“Please follow our different social media channels linked on the website’s home page for more updates,” she said.

 

 

 


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CBN to Penalize Banks for Failing to Address ATM Cash Shortages

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Central Bank of Nigeria (CBN) has warned that it will impose severe penalties on banks failing to address the ongoing cash scarcity at automated teller machines (ATMs).

Olayemi Cardoso, the CBN governor, issued the warning during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday.

The cash crunch has drawn public attention, with some Nigerians taking to X on November 13 to express frustrations over empty ATMs and reliance on point-of-sale (POS) operators. Two days later, the CBN directed banks to prioritise ATM cash disbursements and cautioned that penalties would be imposed on those enabling currency hawking.

“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” Cardoso said. “To address this, we are conducting spot checks across deposit money banks, and we will impose penalties on underperforming institutions.”

The CBN governor announced measures to empower customers, starting December 1, 2024. “Customers are encouraged to report any difficulties with withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.

Guidelines will be distributed widely to raise public awareness. We will also urge full regulatory compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery.”

Cardoso reiterated that financial institutions engaging in malpractices or sabotage would face severe consequences.

“The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.”

On foreign exchange (FX) matters, Cardoso highlighted Nigeria’s missed opportunity for N6.2 trillion in potential revenue due to a less flexible FX regime.

“These funds could have significantly contributed to critical investments in education, healthcare, and infrastructure development,” he said.

The governor added that the apex bank is committed to rebuilding Nigeria’s economic resilience through targeted reforms. These include prioritising domestic refining capacity, promoting non-oil exports, and advancing technological innovations in the financial sector.


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CBN Governor Urges Nigerians to Stay and Rebuild Amid Economic Reforms

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Mr. Olayemi Cardoso,  Governor of the Central Bank of Nigeria (CBN) has urged Nigerians to reconsider leaving the country, popularly referred to as “Japa.”

He assured that the CBN is working toward creating an economy where everyone and every business can thrive.

Cardoso made this appeal in his keynote address at the 59th annual Bankers Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

“It is not a good idea to Japa at this stage,” he said, providing two key reasons for his stance. “One, those who may decide they are going to do that, they will sell and get rid of their assets. You’ll be doing it for cheap. Predators, who are outside looking for bargains, will come and take it and pocket it, put it in their pocket and wait for the turnaround and sell it away.”

Cardoso emphasized the importance of collective effort in rebuilding Nigeria. “Number two, you want to be part of the solution. You want to be part of the solution, and this is time that we need all hands on them. There are opportunities in the market today, which I must say, from my experience over the past year and also for the past six months, a lot of interest from the outside in what is going on in Nigeria.”

He pointed out that international investors see potential in the Nigerian market and urged citizens to take advantage of these opportunities. “In taking positions in certain assets, they see the opportunity, and we, who are here, should be part of the solution for the better things which will come.”

Acknowledging the hardship brought on by current economic reforms, Cardoso stressed that these measures are designed to address today’s challenges while securing a brighter future. “We are building an economy where every individual, every business, and every community can thrive,” he said.

He further highlighted the importance of collaboration in achieving this vision. “This vision will not be achieved by one institution alone. It requires all of us — banks, regulators, businesses, and citizens — to work together with steadfast resolve.”


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