The Central Bank of Nigeria (CBN) on Monday threatened to sanction banks, mobile money operators, switches and other payment system service providers for infractions of payment system rules and regulations, effective April 1, 2018.
A circular signed by Dipo Fatokun, director, banking and payment systems department, the CBN said it would sanction the operators national payments system with N10,000 per day, as long as the infractions subsist.
The infractions include, failure to apply for the renewal of operating license three months before the date of expiration of the licence, failure to regularise and respond to observations/exceptions noted by the CBN in the course of processing an application for the renewal of an operating licence within three weeks.
HOPE MOSES-ASHIKE
