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Thursday, March 15, 2018 /8:48
AM/CBN
In the exercise of the powers conferred on the Central Bank of Nigeria
(CBN) under Sections 2(d), 33 (1)(b) and 47(2) of the CBN Act 2007 to promote
sound financial system in Nigeria, issue guidelines and facilitate the
development of an efficient and effective payments system in Nigeria, the CBN
hereby issues this Regulation for Direct Debits Schemes in Nigeria, 2017.
This Regulation recognizes the existing and emerging multi-channel
options (Online platforms, Instant Payments etc.) applied for direct debit
instructions in Nigeria. In addition, the provisions of this Regulation are
harmonized with developments in the payments system since the release of the
previous version.
Direct debit is a cash-less form of financial settlement which
facilitates recurring payments. It permits the originator of the instruction,
known as ’’Biller’’, to collect amounts due from a payer through the Payer’s
bank by leveraging an instruction or mandate provided by the payer. An entity
wishing to participate as a Biller in the Direct Debit scheme will typically
contact its bank or payment service provider. The service may be deployed on
channels provided by the Biller through its bank or Payment Service Provider.
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