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Payment system rules :  CBN threatens to sanction erring operators
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Payment system rules : CBN threatens to sanction erring operators

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The Central Bank of Nigeria has threatened to sanction banks, mobile money operators, switches and other payment system service providers that violate payment system rules and regulations.

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.

Fatokun said the operators will also be sanctioned for failure to regularise and respond to observations noted by the bank in the course of processing an application for renewal of an operating licence within three weeks.

The sanctions will begin on April 1, 2018.

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