CBN to sanction banks for e-payment breach

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Bank chiefs who breach Central Bank of Nigeria’s (CBNs) e-payment reporting rules, including using unapproved third-party end-to-end payment solution are to face sanctions, the apex bank said on Tuesday.

Chief executives of banks who flout the apex bank’s guidelines will get a warning letter with the institution fined N2 million, 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 watch list.

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and collections for public and private sector, it said that in the event of duplicated/excess payment not noticed but withdrawn by the beneficiary, the beneficiary shall make funds available for refund to the payer.

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