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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 Speaker of the House of Representatives, Femi Gbajabiamila (APC-Lagos), on Friday in Abuja, donated drugs worth over N60 million to the Borno State Government for onward distribution to the victims of insurgency in the state.
The Governorship Election Petition Tribunal in Kwara State, on Friday, dismissed the Peoples Democratic Party’s (PDP) petition seeking the nullification of Governor AbdulRahman AbdulRazak’s election.
Trading closed positively on the Nigerian Stock Exchange (NSE) on Friday with the market capitalisation improving by N25 billion.
The Nigeria Weightlifting Federation (NWF) says lack of funds has stalled its participation in the ongoing International Weightlifting Federation (IWF) World Championships in Pattaya, Thailand.
Ernesto Valverde believes Barcelona need to be more forceful if they are to rectify their poor away form, although the return of Lionel Messi will be a major boost according to the manager.
A Mapo Customary Court in Ibadan, on Monday dissolved a 10-year marriage between Kamardeen Babatunde and his wife, Iyabo, over threat to life and stealing.
Lagos State First Lady, Dr. Ibijoke Sanwo-Olu on Tuesday flagged off free surgical intervention programme for residents of the State as part of activities to commemorate the 100 days in office of Governor Babajide Sanwo-Olu’s administration.
A former Director, Legal Services of the Ministry of Petroleum Resources, Mrs. Grace Taiga, standing trial in connection with the controversial P&ID $9.6bn judgment against Nigeria suffers from “a whole lot of ailments”, her lawyer, Ola Olanipekun (SAN), said on Friday.g
The Republic of South Korea Ambassador to Nigeria, Mr Lee In-Tae, says Nigeria possesses a capacity for technology and agriculture development among other industrial sectors which could create jobs for its citizens.g
Nigeria’s D’Tigers have moved 10 places up in the recently-released FIBA Men World Rankings presented by Nike on Thursday.