CBN To Fine Banks N10,000 Per Week for Payment Infractions

By Nse Anthony-Uko
(Sundiata Finance) – The Central Bank of Nigeria (CBN) has said banks that failed to comply with its payments system rules and regulations will be sanctioned N10,000 per week. The apex bank said operators in the National Payments System who failed to apply for licence in three months before the date of expiration will be penalized.
The circular further said, operators that fail to respond to observations noted by the CBN in the course of processing an application for the renewal of an operating licence within three weeks will be sanctioned as well.
According to the circular, “Further to our Circular referenced BP5IDIR/GENICIR/02/007, dated 29th July 2015, on the above subject, please be informed that operators in the National Payments System shall be sanctioned with a penalty of N10,000 per day for as long as the infractions subsist to, first, failure to apply for the renewal of an operating licence three months before the date of expiration of the licence.
“Second, failure to regularize and respond to observations/exceptions noted by the Bank in the course of processing an application for the renewal of an operating licence within three weeks. “Finally, Licensed operators in the Nigerian Payments System should note that the provisions of this Circular become effective from 1st April, 2018” the circular said.

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