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Electronic payment (e-payment) transactions worth N203.35 trillion were carried out by banks between January and June 2019, Central Bank of Nigeria (CBN) half-year e-payment figures have shown.
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.
The Central Bank of Nigeria has urged financial technology companies, payment service providers and Deposit Money Banks engaged in offering payment solutions to customers to ensure they adhere to policy framework and standards that guide their respective operations in the ecosystem in which they operate.
The move is in line with ongoing efforts to evolve a robust collateral management regime which would be proportionate to transactional level of participants within the payment system.
According to Ajao, the TAT had been configured at 15 seconds in agreement with banks and processors. However, delayed responses from Issuers after this timeout in recent times could cause authorised debits not to return to the terminal before the set TAT.
Latest report from the Nigerian Interbank Settlement System (NIBSS), has shown that Nigeria’s electronic payment (e-payment) services, recorded transactions worth N56.85 trillion between January and end of September, 2018.
Managing Director, Nigeria Inter Bank Settlement System (NIBSS), Mr Niyi Ajao, says the nation’s financial inclusion rate has increased to 63.6 per cent in 2018 from 45.4 per cent recorded in 2016.
The Association of National Accountants of Nigeria (ANAN) has commended President Mohammadu Buhari initiative to address the challenges of transparency, accountability, corruption and poor service delivery through Public Finance Management reforms.
No fewer than 3,000 Retirees of Ebonyi State Work Force have been shortlisted for the payment of Pension and Gratuity from the State Government, having successfully been captured in the ongoing verification exercise conducted by the State Ministry of Finance and Economic Development.
The Nigeria Centre for Disease Control (NCDC) has stated that 11 persons have so far tested negative to Coronavirus (COVID-19) in Nigeria.
Governor Seyi Makinde of Oyo State has hinted ex-public office holders in the state to return stolen funds in their possession or be reported to the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Promoter Eddie Hearn is desperate for Anthony Joshua to fight British heavyweight rival Tyson Fury in November or December this year.
The government of Oyo State said on Thursday that no life was lost in the attack on the Ibadan Municipal Grammar School, Oke-Bola, Ibadan by yet-to-be-identified hoodlums.
The coronavirus epidemic in Iran has cost 26 lives, the health ministry announced Thursday, with a vice president becoming the latest top official to be infected as the spread appeared to accelerate.
The Bronze Bomber did not show up for his press conference after being taken to a local facility to be checked over.
Tottenham head coach Jose Mourinho said Chelsea are favourites to finish in the Premier League's top four as he heaped pressure on Frank Lampard's side ahead of the London derby.
The House of Representatives has threatened to issue warrants of arrests to ministries, departments, and agencies of the Federal Government that fail to appear before its Committee on Public Accounts.
Super Eagles former captain and assistant coach Joseph Yobo has stated his readiness to prove all doubters wrong as he looks set to resume to his new role.
The Guild of Public Affairs Analysts of Nigeria (GPAAN), has warned against plans by the Senate to create an agency for the education, rehabilitaton, deradicalisation and integration of repentant insurgents in the country.