Regulators | |
Regulators | |
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Monday, January 8, 2018 /1:05 PM /CBN
Further to our Circular referenced BP5IDIR/GENICIR/02/007, dated 29th
July 2015, on the above subject, please be informed that operators in the
National Payments System shall be sanctioned with a penalty of N10,000.00 per
day for as long as the infractions below subsist:
1. Failure to apply for the renewal of an operating licence three (3)
months before the date of expiration of the licence.
2. Failure to regularize 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 (3) weeks.
3. Licensed operators in the Nigerian Payments System should note that
the provisions of this Circular become effective from 1st April, 2018.
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