Suggestions




··

CBN Releases New Guidelines On Consumer Bulk Payments

September 9, 2021
by
CENTRAL Bank of Nigeria (CBN) has issued new guidelines for banks and Payment Service Providers (PSBs) on how to process consumer bulk payments.
According to the CBN, Banks and PSPs, must now separate all transactions that would normally be categorized as bulk payment upon transition.
Director, Payment System Management Department, CBN, Musa Jimoh in a statement released on CBN’s website, said the directive was in a bid to ensure transparency and clarity for auditing within the banking system.
The Apex bank regulator directed banks and PSBs to comply with the directive and all other payment system regulations.
“The Central Bank of Nigeria has noticed the inherent problems associated with the processing of bulk transfers by banks and payment service providers. Currently, originating banks and PSPs pass a single debit entry through the initiating customers’ account and multiple credits to beneficiaries without adequate records of the credit entries in their system. This distorts the audit trail and hampers transparency.
“In order to address this challenge, the CBN hereby directs that all end-to-end bulk payments or transfers shall henceforth be processed on the platforms of banks or PSPs for their customers with a detailed breakdown of the accounts that receive the credits retained in the custody of the sender’s banks.”
The central Bank further reiterated that all banks and PSPs are required to ensure full compliance with the requirement and all other payment system regulations.
+ posts

Kayode Shopekan

Related Posts

Tinubu Wades Into Ondo Crisis, Upholds Akeredolu As Governor
Previous Story

Ondo Bars Trade Unions From Fixing Prices Of Goods, Services

Muhammad Nami
Next Story

FIRS Kicks Against VAT Collection By States

Featured Stories

Related Posts

Latest from Finance & Economy

Why CBN Retained Bencmark Interest Rate At 27.5%

Central Bank Cuts Interest Rate to 26.5% as Inflation Eases

The Central Bank of Nigeria has reduced its key interest rate to 26.5%, signalling growing confidence that inflation is beginning to slow. The decision, announced in Abuja by Governor Olayemi Cardoso, marks the first rate cut since November 2025. The Monetary Policy
Tinubu Wades Into Ondo Crisis, Upholds Akeredolu As Governor
Previous Story

Ondo Bars Trade Unions From Fixing Prices Of Goods, Services

Muhammad Nami
Next Story

FIRS Kicks Against VAT Collection By States

Don't Miss

Man City, Premier League Condemn Offensive Bobby Charlton Chants At Etihad Stadium

Premier League champions Manchester City have vowed to take strict

CAF Bans, Orders Refurbishment Of Teslim Balogun Stadium Lagos

By Izuchukwu Okosi Join our WhatsApp Channel The Confederation