Tag: e-payment
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CBN moves to sanction banks for e-payment breach
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 N2million, the regulator said in the…
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NBS says e-payments hit N34.02trn in Q1, 2019
A total of 557,083,712 electronic-payment transactions valued at N34.02 trillion were recorded in selected banks across the country in the first quarter, 2019, Nigeria’s statistics bureau has said. The National Bureau of Statistics (NBS) said this in a report on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength data posted…
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Nigeria’s e-payment transactions hit N56.85trn
Report from the Nigerian Interbank Settlement System (NIBSS), have indicated that Nigeria’s electronic payment (e-payment) services, recorded transactions worth N56.85 trillion from January to September, 2018. The report showed an increase of N16.4 trillion when compared to the N40.45 trillion that was recorded in the corresponding period of 2017. The report showed that most of…
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New e-payment pricing policy coming – CBN
The Central Bank of Nigeria (CBN) has deregulated the Merchant Service Charge (MSC) and will be implementing a new pricing regime on electronic transactions by the second quarter of this year. MSC is a fee paid by merchants for e-transactions done through Point of Sales (PoS) terminals. CBN Director, Banking and Payment System Department (BPSD),…