BANK chiefs who breach Central Bank of Nigeria’s (CBNs) e-payment reporting rules, including using unapproved third party end-to-end payment solution are to face sanctions, the apex bank said on Tuesday.
Chief executives of banks who flout the apex bank’s guidelines will get a warning letter with the institution fined N2million, the regulator said in the approved guideline on end-to-end electronic payment of salaries, pensions, suppliers and taxes it released.
The CBN insists on approving all third party payment solution being deployed by banks.
The approved guideline, said the banks were expected to promote the adoption of end-to-end electronic payments by all stakeholders covered by this regulation.
The approved guidelines also mandated bank customers that receive duplicate or excess payments into their accounts but fail to refund to the bank will have their Bank Verification Number (BVN) placed on the watchlist.
In the CBN regulation on electronic payments and collections for public and private sector, it said that in the event of duplicated/excess payment not noticed but withdrawn by the beneficiary, the beneficiary shall make funds available for refund to the payer.
It said non- compliance shall result in placement of the beneficiary on the BVN Watch-list.
The regulator said that bank employees and pensioners are to maintain appropriate bank accounts with banks, Other Financial Institutions or any other approved channel for receiving payments such as mobile money/electronic wallet, subject to the CBN’s approved Know Your Customer limits; provide valid account and contact details to the Payer; report cases of non-payment, delayed payment or wrong payment of salaries/contributory pension remittances carried out on a CBN approved e-payment platform, to the Payer; register and maintain a Retirement Savings Account (RSA) with a licensed Pension Fund Administrator (PFA).