The Central Bank of Nigeria (CBN) has
advised operators in the national payment system to ensure that they
renew their operating license three months before the date of its
expiration.
Failure to abide by this directive, the
central bank warned would attract a penalty of N10,000 per day for as
long as the infraction subsists.
This sanction would become effective from April 1, 2018, the banking sector regulator stressed.
The CBN gave the warning in a circular
dated January 4, 2018, that was addressed to all deposit money banks,
mobile money operators, switches and other payment system service
providers.
The circular which was signed by the
Director, Banking and Payment System, CBN, Mr. Dipo Fatokun, was
obtained on the Bank’s website yesterday.
It explained: “Further to our circular
referenced BPS/DIR/GEN/CIR/02/007, dated July 2015, on the above
subject, please be informed that operators in the national payment
system shall be sanctioned with a penalty of N10,000 per day for as long
as the infraction below subsist –
“Failure to apply for the renewal of an operating licence three months before the date of expiration of the licence.
“Failure to regularise and respond to
observations/exceptions noted by the Bank in the course of processing an
application for the renewal of an operating licence within three weeks.
“Licenced operators in the Nigerian
Payment System should note that the provisions of this circular become
effective from April 1, 2018.”
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