Reps orders CBN to suspend cashless policy | Fastest Delivery Of Magazine
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The of Representatives has asked the Central Bank of to suspend the planned Cashless policy.

The House resolved to mandate the committee on banking to investigate the policy and to the House in 4 weeks.

The decision followed a motion of urgent public importance moved by Benjamin Kalu.

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Abass Sulaiman Adegoke, well known as Adegoke is a student of Federal Polytechnic Ede studying Civil Engineering, He is a media enthusiast, loves traveling, and has a special interest in personal development.

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Business

CBN issues fresh guidelines on payments system

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CBN issues fresh guidelines on payments system 20191011 144411

The Central Bank of (CBN) on Thursday issued regulatory guidelines for the operation of Indirect Participants in the Payments System, with effect from Nov. 11.

The apex bank made this known in a circular issued by CBN’s Director, Payments System Management Department, Mr Sam Okojere, to banks.

The Indirect Participants are payments service providers who are non-clearing financial institutions but settle their payments obligations through clearing banks.

According to the guideline, to qualify as an indirect participant, an institution shall: have a satisfactory risk-based rating from the CBN and secure a letter of recommendation from its direct participating bank, signed by the Chief Risk Officer and an Executive Director of the direct participating bank.

The bank also directed that an indirect participant expected to settle all its payments obligations through only one direct participating bank per payment scheme at any given time.

“The relationship between a direct participating bank and an indirect participant shall be governed by a Settlement Agreement.

“Where the account of an indirect participant with a direct participating bank is not adequately funded, the direct participating bank may decline further settlement services to the indirect participant and inform the payment processor accordingly.

“Except as otherwise agreed, a direct participating bank or an indirect participant shall give at least thirty 30 days’ notice to the other party before terminating the Settlement
Agreement for any other reason apart from the circumstances in 3.4.

“The terminating party shall notify the Payments Service Provider (PSP) of its intention to terminate.

“A direct participating bank and an indirect participating bank shall enter into a bilateral agreement to guide the relationship.

“Where an indirect participant connects directly to a PSP for transaction processing, the indirect participant, direct participating bank, and the PSP shall enter into a tripartite agreement”, the bank directed.

It also directed that indirect participants must process their e-reference instruments through the direct participating bank or directly, through the Nigeria Inter-Bank Settlement System (NIBSS).

“In the latter option, NIBSS shall indicate the source, (bank, indirect participant)
of the e-reference requests.

“The receiving bank shall not discriminate between e-references originating from banks and indirect participants.

“An indirect participant shall comply with the applicable provisions of the Nigeria Bankers’ Clearing System Rules (NBCS)”.

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Business

Bank customers begin payment of charges for deposits, withdrawal of cash

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Bank customers begin payment of charges for deposits, withdrawal of cash 20190918 131620

The Central Bank of , CBN, has said customers making cash deposits or withdrawals will pay charges beginning from today in line with its new policy.

The objective of the “transaction fees” is to give vent to the Central Bank’s policy designed to reduce cash in use.

CBN Payments System Management Department Director Sam Okojere on Tuesday announced the take-off of the charges in a statement.

“The transactions will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500, 000 for individual accounts.

“Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3 million.

“The charges will, however, only apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory (FCT),” he said.

Okojere said the implementation of the cash-less policy nationwide would take effect from March 31, 2020.

Also to further promote the cashless economy and to enhance the collection of applicable government revenues, the CBN announced a review of the process for merchant settlement.

The regulator has, effective today, approved for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

Okojere announced a downward review of the Merchant Service Charge (MSC) from 0.75 per cent capped at N1,200 to 0.50 per cent capped at N1,000.

“The cash-less policy provides safe and efficient mechanisms for making and receiving payments with minimum risks to the CBN, payment service providers and end-users.

“The cashless payment is catching on to the extent that even the lowly members of the society now do transactions online.

“Without this policy, Nigeria cannot be integrated into the world’s financial system,” the statement read.

Pushing for the full use of the online payment system, the apex bank said for Nigeria to actively play at the world stage, “our payment system must be successfully benchmarked against the global best practices, as in most developed nations of the world.”

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