CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos - Politics

CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos (34351 Views)

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CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by ikorodureporta(op): 2:45am On Aug 25, 2020

The Central Bank of Nigeria (CBN) has asked banks to take responsibility for collecting electricity bill payments.

In a circular dated August 21, Bello Hassan, CBN’s director of banking supervision, said taking over from electricity distribution companies will improve payment discipline in the industry.

“The payment or settlement of all NESI related goods or services shall be made through the Nigerian banking system,” the circular read.

“Consequently, all collections for the payments of NESI regulated goods and services provided by a DisCo shall be paid into a designated account such that collections arising from services rendered by the DisCo shall be paid into an account in the sole name of the DisCo; collections arising from services rendered by a third party/parties on behalf of the DisCo shall be paid into an account in the joint name of the DisCo and the third-party vendor(s)

“All energy and non-energy collections of DisCos, whether cash or cashless, shall only be performed by deposit money banks (DMBs). No entity shall be permitted to collect revenues for DisCos except if that entity is so authorized by a DMB in line with the relevant CBN guidelines for agent banking and agent banking relationships.

“Therefore, the DMB shall be permitted to authorize its agents to collect energy and non-energy payments on its behalf for any DisCo; the actions or inactions of the agent shall be the responsibility of the authorizing DMB. Any DMB found to be maintaining any account(s) for any entity collecting payments on behalf of any DisCo without appropriate authorization shall have regulatory actions imposed on it.”

The apex bank also directed that banks providing bank guarantees to Nigeria Bulk Electricity Trading (NBET) Plc and the Transmission Company of Nigeria (TCN) on behalf of DisCos, would take full responsibility for the collections and the remittances of the DisCos to both NBET and TCN.

“For the avoidance of doubt, no DMB is permitted to open or continue to maintain a collection account for a DisCo without the express no-objection of the DMB that guaranteed its exposure to NBET or TCN,” it said.

According to the latest quarterly report of the Nigerian Electricity Regulatory Commission (NERC), the collection efficiency by the DisCos is low and has continued to adversely impact the financial liquidity of the industry.

https://www.thecable.ng/cbn-asks-banks-to-take-over-electricity-bills-collection-from-discos

5 Likes

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by saheedbadmus(m): 3:39am On Aug 25, 2020*

Aiit.. hope it works out

2 Likes 1 Share

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by bhella10: 3:51am On Aug 25, 2020

Ko le werk grin

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by connectxyz: 5:39am On Aug 25, 2020

2 Likes

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by helinues: 5:39am On Aug 25, 2020

To continue paying for darkness?

100 Likes 4 Shares

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by DatGirlasia(f): 5:40am On Aug 25, 2020*

1 Like 1 Share

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by ForeThinker: 5:40am On Aug 25, 2020

Issorite...

Time For Disco to sit-up so they make some more revenue legally 2 share with the CBN(Govt)

Nice Initiative!!

13 Likes 1 Share

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by bewacharlie(m): 5:40am On Aug 25, 2020

failed attempt

1 Like

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by seedsower(m): 5:41am On Aug 25, 2020

Is it their electricity?

6 Likes 4 Shares

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by frankputer: 5:41am On Aug 25, 2020

Good one.
No more hand to hand payment.
time to eradicate estimated billing

35 Likes 3 Shares

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by nanizle(m): 5:41am On Aug 25, 2020

Discos will not be happy grin

This has been in the works for some time now. The collection wuruwuru must stop!

51 Likes 1 Share

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by Imeyo1(m): 5:41am On Aug 25, 2020

Very good

7 Likes

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by Drakkernoir: 5:41am On Aug 25, 2020

Discos wey go fight tooth and nail...

Na employees go fight pass...half of monies collected are going into personal purses...

What a country

58 Likes 4 Shares

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by Risingblue008(m): 5:41am On Aug 25, 2020

In DJ khales voice
Another one

2 Likes 1 Share

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by kpaofame: 5:42am On Aug 25, 2020

I don't know they plan to implement it

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by ossaisly(m): 5:42am On Aug 25, 2020

ayam not understanding o. I dont see this going down well.

1 Like 2 Shares

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by Coro19(m): 5:42am On Aug 25, 2020

it's a good development...not everyday we keep on hearing we are running on losses. with these cbn can easily monitor the revenue of the discos

46 Likes 3 Shares

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by JesusJesus: 5:43am On Aug 25, 2020

Waw. Nice

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by Taciturn1: 5:43am On Aug 25, 2020

Is this to trap their income for appropriate taxing? Let's see how it goes

1 Like 1 Share

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by Mutemenot(m): 5:44am On Aug 25, 2020

Everyday directive without implementation

16 Likes

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by dingbang(m): 5:44am On Aug 25, 2020

Good, to avoid embezzlement.

2 Likes

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by hemucology(m): 5:44am On Aug 25, 2020

I dey look

1 Like

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by Okimski(m): 5:45am On Aug 25, 2020

Good. Let all money be monitor going into their account, maybe from there excess billing will stop. But can they succeed? In a country where corruption has eaten into almost everyone skin.

9 Likes 1 Share

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by MANNABBQGRILLS: 5:47am On Aug 25, 2020*

Anything to make our darling nation move forward is all we are after.

God bless our darling President and his amiable Vive President Prof Yemi Osibanjo for all they are doing to make this once battered and looted country work again.

God bless Nigeria.

18 Likes 2 Shares

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by ikorodureporta(op): 5:48am On Aug 25, 2020

This na to throw those agents out of business. ..but, do you think NEPA accounts for those reconnection fees??

1 Like 1 Share

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by aieromon(m): 5:51am On Aug 25, 2020

Does this affect the power vending platforms such as Buypower and iRecharge?

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Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by nony43(m): 5:53am On Aug 25, 2020

I used to pay in the bank before Aunty coro came I now pay in their office.

Someone should please advice me on what to do, I paid 3k instead of 2600 that i was given for last month bill, EEDC workers came and disconnected my light and took my cables in my absence.

1 Like 1 Share

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by money121(m): 5:54am On Aug 25, 2020

Alrty

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by easyfem(m): 5:56am On Aug 25, 2020

its not really bad idea but there is no light for diz payment ......... y paying for wat im not using .......... that is the problm...............no single system is working in the country ... i curse the day i supported BUARI ............. and the prblm now is , there is no one to trust anymore ......... all we need is revolution coz we av more confusion

4 Likes 1 Share

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by femi4: 5:57am On Aug 25, 2020

Ko le werk

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by yommen: 5:58am On Aug 25, 2020

frankputer:
Good one.
No more hand to hand payment.
time to eradicate estimated billing

Nigerians like to suffer sha!

1 Like

Re: CBN Direct Banks To Take Over Collection Of Electricity Bills From Discos by Nobody: 5:59am On Aug 25, 2020

I am happy on this directive. Before now the discos shortchange everybody because there was no means to track their income but now the CBN and their creditors will monitor.
Since every customer ( metered and unmetered) has a billing number, let the list of customers be forwarded to the banks for them to design a payment platform (online and offline),through this all payments will be monitored. Customers can instruct thier banks to be funding their accounts every month.
Next line of directive should be on prepaid meter (if possible sold in the open markets like done on Phones)

EEDC Will be worst hit as the rate of their sharp practice is sometimes legendary.

22 Likes 2 Shares

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