CBN Reads Riot Act To Operators On Licence Renewal

By Ikenga Chronicles January 11, 2018

CBN Reads Riot Act To Operators On Licence Renewal

The Central Bank of Nigeria(CBN) has read its riot act to operators in the national payment system, warning them to renew their operating licence three months before the date of its expiration.

The apex bank said failure to abide by this directive, would attract a penalty of N10,000 per day and would be effective from April 1, 2018.

The circular which was signed by the Director, Banking and Payment System, CBN, Mr. Dipo Fatokun, was obtained on the Bank’s website yesterday.

It reads: “Further to our circular referenced BPS/DIR/GEN/CIR/02/007, dated July 2015, on the above subject, please be informed that operators in the national payment system shall be sanctioned with a penalty of N10,000 per day for as long as the infraction below subsist:

–Failure to apply for the renewal of an operating licence three months before the date of expiration of the licence.

–Failure to regularise 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 weeks.

“Licenced operators in the Nigerian Payment System should note that the provisions of this circular become effective from April 1, 2018.”

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