Business CBN imposes N10m fine for use of unlicensed e-payment solutions - Vanguard

Vunderkind

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The Central Bank of Nigeria (CBN) has said that banks that use unlicensed third party electronic payment solution will pay a fine of N10 million.

This was part of the regime of sanctions contained in the guidelines on electronic payment of salaries, pensions, suppliers and taxes in Nigeria.

The guidelines spell out the roles and responsibilities, of all stakeholders in the end-to-end electronic payment of salaries, pensions, suppliers and taxes.

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Source: Vanguard newspaper
 

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