CBN LATEST UPDATE ON FINANCIAL SYSTEM & REGULATION ON BILLS PAYMENT

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CBN LATEST UPDATE ON FINANCIAL SYSTEM & REGULATION ON BILLS PAYMENT

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LATEST UPDATE ON FINANCIAL SYSTEM & REGULATION ON BILLS PAYMENT  | CBN to enforce sound financial system, Unveils new Regulation On Bills Payments

As part of its effort to promote sound financial system in Nigeria, the Central Bank of Nigeria (CBN) has unveiled a regulation for bill payment in the country. CBN stated this in a circular titled: “Regulation for Bill Payments in Nigeria, 2018,” that was posted on its website at the weekend.

CBN LATEST UPDATE ON FINANCIAL SYSTEM & REGULATION ON BILLS PAYMENT

CBN Unveils new Regulation On Bills Payments

It explained that the policy was developed in exercise of the powers conferred on it to promote sound financial system in the country.

Similarly the regulation covers bill payments on various payment channels and any payment platform that seeks to integrate the payment side of commercial activity and merchant aggregators in Nigeria. The payment methods include cheques, cards, direct debit, instant payments, andautomated clearing house, etc.

Furthermore It described a payment service provider as a person licenced by the CBN to provide services involving direct interactions with the payment, settlement and clearing systems and payment system arrangements, as the Bank may authorise from time to time and may include a bank,mobile money operators or other financial institution connected directly to a biller without any service intermediary.

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CBN enforcing sound financial system

As a matter of fact according to the regulation, payments shall be final and irrevocable and be consistent with the provision of the circular on the Statement of Payments Finality.

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Also, it stated that requests for refundsor recalls shall be via a dispute resolution system or other supplementary rules that guide the operations of the relevant payment method.

CBN LATEST UPDATE ON FINANCIAL SYSTEM & REGULATION ON BILLS PAYMENT

CBN enforcing sound financial system | CBN Unveils new Regulation On Bills PaymentsCBN new Regulation On Bills Payments

“Service Providers shall make an automated dispute resolution platform available to facilitate seamless resolution of complaints. Disputes arising from Bills Payment transactions shall get resolved amicably amongst parties in line with the provisions of the guidelines on Operations of Electronic Payment Channels in Nigeria,” it added.

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Lastly present objectives on regulation, among others include:

  1. Documenting minimum standards that complies the processing of bill payment transactions
  2. Identifying stakeholders in Bill Payment system space
  3. Ensuring achievement of the vision of a ‘nationally utilised and international recognised payments system in Nigeria.

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