Nume Ekeghe
In a bid to make the Nigerian payment
system align with international best practice and drive its cashless
policy, the Central Bank of Nigeria yesterday released an exposure draft
on the Regulations on End to End Electronic Payment of Salaries,
Pensions and Other Remittances, Suppliers and revenue collections in
Nigeria.
The draft guideline posted on the
central bank’s website yesterday, was signed by the Director Payments
System Management Department, CBN.
The National Payment Systems Vision 2020
(PSV- 2020), aims at ensuring 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 is expected to reduce the time and
costs of transactions, minimise leakages in revenue receipts and at the
same time, provide reliable audit trails, thereby making the Nigerian
payments system align with international best practices.
“Following a review of the initial
guideline, the CBN hereby issues the exposure draft of the regulation on
end-to-end electronic payment of salaries, pensions & other
remittances, suppliers and revenue collection in Nigeria (Revised, 2018)
for the review and feedback of banks and other financial institutions
in Nigeria.
“Further to the implementation of the
guideline on end- to-end electronic payment of salaries, pensions,
suppliers and taxes by all public and private sector organisations as
directed in the bank guidelines referenced (CBN/BPS/PSV/GEN/014/05),
deposit money banks are to dishonour payment instructions for all forms
of salaries, pensions, suppliers and taxes not transmitted on a bank
approved straight through electronic payment and collection platform
issued by organisations with more than 20 employees.
“This means payment instructions and
associated schedules are no longer to be transmitted to DMBs through
unsecured channels, such as paper-based mandates, flash drives, compact
discs (CD), email attachments, etc. by qualifying public and private
sector organisations. Enforcement by the Bank shall be effective from
the date of the issuance of this regulation.
“The guideline applies to all CBN
regulated entities operating in Nigeria and mandates adoption,
implementation and compliance with the directives on end-to-end
electronic payments of all forms of salaries, pensions, suppliers,
taxes.”
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