CBN releases regulation for electronic payments, collections
The Central Bank of Nigeria on Tuesday released regulation for electronic payments and collections for public and private sectors in the country.
The CBN, in the regulation, introduced a penalty of two million for Deposit Money Banks on third party e-payment solution not approved by it on every repeated occurrence. The apex bank said in the regulation on its website that it was intended to guide the end-to-end electronic payment of salaries, pensions and other remittances, suppliers and revenue collections in Nigeria.
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