Business

CBN unveils regulation for electronic payments, collections

CBN downgrades interest rate to 11.5% By Chika Otuchikere The Central Bank of Nigeria(CBN) has announced the reduction of Monetary Policy Rate(MPR) from 12.5% to 11.5%. The Governor of the Central Bank of Nigeria (CBN) Mr Godwin Emefiele made this known while reading the communiqué at the end of the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday. Emefiele said the MPC retained CRR at 27.5%, stating that the recent inflationary pressures are not driven by monetary policies, but as a result of structural policies. Highlights of the MPC’s decision include the reduction of the MPR by 100 basis points, from 12.5% to 11.5%, adjustment of asymmetric corridor, from +200/-500 to +100/-700 basis points around the MPR, the retention of both Cash Reserve Ratio (CRR) and Liquidity ratio at 27.5% and 30% respectively. The governor noted that the Committee reviewed the choices before it, against the backdrop of its primary mandate of price stability, and the need to support the recovery of output growth. The Committee, therefore, resolved that the likely action aimed at addressing the rise in domestic prices would be to tighten the stance of policy, saying this will not only moderate the upward pressure on prices, but will also attract fresh capital into the economy, and improve the level of the external reserves.

The Central Bank of Nigeria (CBN) has released regulation for electronic payments and collections for public and private sectors in the country.

This latest regulation is a revision of the Guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria (2014).

The CBN regulation released on Tuesday, introduced a penalty of N2 million for Deposit Money Banks (DMBs) on third party e-payment solution not approved by it on every repeated occurrence.

CBN also introduced penalty of N1 million for Other Financial Institutions (OFIs) on third party e-payment solution not endorsed by the apex bank. The apex bank also introduced other fines for other forms of infractions.

CBN said in the regulation posted on its website that it was intended to guide the end-to-end electronic payment of salaries, pensions and other remittances, suppliers and revenue collections in Nigeria.

“The objective of the regulation is to fully align with the core objectives of the National Payments System Vision 2020.

“It is to ensure the availability of safe, effective and efficient mechanisms for conveniently making and receiving all types of payments from any location and at any time through multiple electronic channels.

“This will reduce the time and costs of transactions, minimise leakages in revenue receipts and at the same time provide reliable audit trails, thereby ensuring that the Nigerian Payments System aligns with international best practices,” it said.

The CBN affirmed that the regulation was set out to provide all stakeholders with the operational procedures that guide end-to-end electronic payment for the public and private Sector.

It states that the regulation applies to all CBN regulated entities operating in Nigeria.

The apex bank also mandated adoption, implementation and compliance with the directives on end-to-end electronic payments of all forms of salaries, pensions & other remittances, suppliers, revenue collections.

It said that it was not limited to taxes and levies, among others.

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