The Central Bank of Nigeria (CBN) on Monday threatened to impose
N10,000 daily fine on banks and other electronic payment service
providers that fail to renew its operating licence within the regulatory
deadline.
This is contained in a circular titled, “Re: Sanctions on erring
banks/e-payment service providers for infractions of payment system
rules and regulations”.
It was issued by Director, Banking and Payment System Department (BPSD), CBN, Dipo Fatokun.
“Please informed that operators in the National Payment System shall
be sanctioned with a penalty of N10,000 per day for as long as the
infractions below subsist:
“Failure to apply for renewal of an operating licence three months before the date of expiration of the license.
“Failure to regularise and respond to observations/exceptions noted
by the Bank in the course of processing and application for the renewal
of an operating license within three weeks,” it read.
Fatokun added that the sanctions would become effective from April 1, 2018.