CBN To Sanction Nigeria Banks Over Renewal Of Licence

The Central Bank of Nigeria (CBN) has issued a warning to all banks and electronic payment service providers that failure to renew their operating licence within the stipulated deadline would attract a daily fine of N10,000.

The CBN Director of Banking and Payment System Department (BPSD), Mr Dipo Fatokun made this known in a circular titled, “Re: Sanctions on erring banks/e-payment service providers for infractions of payment system rules and regulations.”The CBN posited: “Please informed that operators in the National Payment System shall be sanctioned with a penalty of N10,000 per day for as long as the infractions below subsist:

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

“Failure to regularise and respond to observations/exceptions noted by the Bank in the course of processing and application for the renewal of an operating license within three weeks.”

Mr Fatokun further disclosed that the sanctions would become effective as from April 1st this year.

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