CBN: Banks e-payment firms in trouble

Business & Economy

The Central Bank of Nigeria (CBN) yesterday threatened to sanction banks, mobile money operators, switches and other payment system service providers that violate payment system rules and regulations. The sanctions will begin on April 1, 2018.

A circular signed by CBN Director,  Banking and Payment Systems Department, Dipo Fatokun, said operators in the National Payments System shall be hit with  N10,000 fine per day if they fail to apply for the renewal of an operating licence three months before the expiration date of the licence.

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