The Central Bank of Nigeria (CBN) has unveiled a regulation for bill payment in the country.

The central bank stated this in a circular titled: “Regulation for Bill Payments in Nigeria, 2018,” that was posted on its website at the weekend.


It explained that the policy was developed in exercise of the powers conferred on it to promote sound financial system in the country.

The regulation covers bill payments on various payment channels and any payment platform that seeks to integrate the payment side of commercial activity and merchant aggregators in Nigeria. The payment methods include cheques, cards, direct debit, instant payments, andautomated clearing house, etc.

It described a payment service provider as a person licenced by the CBN to provide services involving direct interactions with the payment, settlement and clearing systems and payment system arrangements, as the Bank may authorise from time to time and may include a bank,mobile money operators or other financial institution connected directly to a biller without any service intermediary.

According to the regulation, payments shall be final and irrevocable and be consistent with the provision of the circular on the Statement of Payments Finality.

Also, it stated that requests for refundsor recalls shall be via a dispute resolution system or other supplementary rules that guide the operations of the relevant payment method.

“Service Providers shall make an automated dispute resolution platform available to facilitate seamless resolution of complaints. Disputes arising from Bills Payment transactions shall be resolved amicably amongst the parties in line with the provisions of the guidelines on Operations of Electronic Payment Channels in Nigeria,” it added.

The objectives of the regulation, among others include to document the minimum standards that must be complied with for the processing of bill payment transactions; and to identify stakeholders in Bill Payment system space; ensure achievement of the vision of a ‘nationally utilised and international recognised payments system in Nigeria.

http://www.akelicious.net/2018/03/cbn-unveils-regulation-on-bills-payments.html

CBN......wat about it's counterpart, NCC?

Good development

ok hope this will help the price of garri

Nice. Cashless policy things

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Every where the CBN carries any of its shortsighted regulation growth in that in that industry stalls permanently ..this regulation is clearly targeted at new generation payment processors like paystack and payworks who have really cornered business form lazy dinosaurs like banks and interswitch

everything about this present administration is fuckkddss

FarahAideed:
Every where the CBN carries any of its shortsighted regulation growth in that in that industry stalls permanently ..this regulation is clearly targeted at new generation payment processors like paystack and payworks who have really cornered business form lazy dinosaurs like banks and interswitch

Beyond targeting the new generation payment platforms, there's a great need to protect the account holders from massive frauds as being witnessed recently.
Some of the new payment platforms bypass account holders key security details and enables one to effect a transfer with just the customers phone no and card. You can imagine what happens if your phone and card enters the wrong hands.
Customers funds must be protected and these new platforms must be made to comply with this minimum standards.

Okay next... When dollar go turn 1naira or 1k to 1dollar..

They should goan sit down jooor! Their direct debit or automated mandate system that works on a paper to paper basis... Is that what should be touted in this time and age? Ar weak sef

Nkemakonam62:
The Central Bank of Nigeria (CBN) has unveiled a regulation for bill payment in the country.

The central bank stated this in a circular titled: “Regulation for Bill Payments in Nigeria, 2018,” that was posted on its website at the weekend.


It explained that the policy was developed in exercise of the powers conferred on it to promote sound financial system in the country.

The regulation covers bill payments on various payment channels and any payment platform that seeks to integrate the payment side of commercial activity and merchant aggregators in Nigeria. The payment methods include cheques, cards, direct debit, instant payments, andautomated clearing house, etc.

It described a payment service provider as a person licenced by the CBN to provide services involving direct interactions with the payment, settlement and clearing systems and payment system arrangements, as the Bank may authorise from time to time and may include a bank,mobile money operators or other financial institution connected directly to a biller without any service intermediary.

According to the regulation, payments shall be final and irrevocable and be consistent with the provision of the circular on the Statement of Payments Finality.

Also, it stated that requests for refundsor recalls shall be via a dispute resolution system or other supplementary rules that guide the operations of the relevant payment method.

“Service Providers shall make an automated dispute resolution platform available to facilitate seamless resolution of complaints. Disputes arising from Bills Payment transactions shall be resolved amicably amongst the parties in line with the provisions of the guidelines on Operations of Electronic Payment Channels in Nigeria,” it added.

The objectives of the regulation, among others include to document the minimum standards that must be complied with for the processing of bill payment transactions; and to identify stakeholders in Bill Payment system space; ensure achievement of the vision of a ‘nationally utilised and international recognised payments system in Nigeria.

http://www.akelicious.net/2018/03/cbn-unveils-regulation-on-bills-payments.html

Came here to see how d so called regulation affects me, buh wot if I say I no understand all d grammar wey dem yarn here

Drabrah:
Came here to see how d so called regulation affects me, buh wot if I say I no understand all d grammar wey dem yarn here

hmm

You're making payments final and irrevocable?
What of:
1. Return goods
2. Faulty items
3. Undelivered goods/services
4. Fraudulent use of credit cards?

We like doing play play in this country sha. No be trial and error dey build economy. That's how you guys messed up and forced the naira to devalue via terrible policies (deposit dollar/don't deposit dollar, FX withdrawal limit abroad or not, cutting off certain items from enjoying fx etc etc)