{"id":16618,"date":"2019-10-11T14:47:55","date_gmt":"2019-10-11T14:47:55","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=16618"},"modified":"2019-10-11T14:47:55","modified_gmt":"2019-10-11T14:47:55","slug":"cbn-issues-fresh-guidelines-on-payments-system","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-fresh-guidelines-on-payments-system","title":{"rendered":"CBN issues fresh guidelines on payments system"},"content":{"rendered":"

The Central Bank of Nigeria<\/a> (CBN) on Thursday issued regulatory guidelines for the operation of Indirect Participants in the Payments System, with effect from Nov. 11.<\/p>\n

The apex bank made this known in a circular issued by CBN\u2019s Director, Payments System Management Department, Mr Sam Okojere, to banks.<\/p>\n

The Indirect Participants are payments service providers who are non-clearing financial institutions but settle their payments obligations through clearing banks.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\u201cThe relationship between a direct participating bank and an indirect participant shall be governed by a Settlement Agreement.<\/p>\n

\u201cWhere 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.<\/p>\n

\u201cExcept as otherwise agreed, a direct participating bank or an indirect participant shall give at least thirty 30 days\u2019 notice to the other party before terminating the Settlement
\nAgreement for any other reason apart from the circumstances in 3.4.<\/p>\n

\u201cThe terminating party shall notify the Payments Service Provider (PSP) of its intention to terminate.<\/p>\n

\u201cA direct participating bank and an indirect participating bank shall enter into a bilateral agreement to guide the relationship.<\/p>\n

\u201cWhere 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\u201d, the bank directed.<\/p>\n

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).<\/p>\n

\u201cIn the latter option, NIBSS shall indicate the source, (bank, indirect participant)
\nof the e-reference requests.<\/p>\n

\u201cThe receiving bank shall not discriminate between e-references originating from banks and indirect participants.<\/p>\n

\u201cAn indirect participant shall comply with the applicable provisions of the Nigeria Bankers\u2019 Clearing System Rules (NBCS)\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria (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\u2019s Director, Payments System Management Department, Mr Sam Okojere, to banks. The Indirect Participants are payments service providers […]<\/p>\n","protected":false},"author":62,"featured_media":3212,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503,868,1000],"class_list":["post-16618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn","tag-monetary-policy","tag-payments-service-provider"],"yoast_head":"\nCBN issues fresh guidelines on payments system - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) on Thursday issued regulatory guidelines for the operation of Indirect Participants in the Payments System\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-fresh-guidelines-on-payments-system\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN issues fresh guidelines on payments system\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) on Thursday issued regulatory guidelines for the operation of Indirect Participants in the Payments System\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-fresh-guidelines-on-payments-system\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-11T14:47:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/upload\/sites\/3\/2019\/01\/CBN-1062x598.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1062\" \/>\n\t<meta property=\"og:image:height\" content=\"598\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"alico\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"alico\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-fresh-guidelines-on-payments-system#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-fresh-guidelines-on-payments-system\"},\"author\":{\"name\":\"alico\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/50afd2ef4f0e900bd0a176404a8484a7\"},\"headline\":\"CBN issues fresh guidelines on payments system\",\"datePublished\":\"2019-10-11T14:47:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-fresh-guidelines-on-payments-system\"},\"wordCount\":376,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-fresh-guidelines-on-payments-system#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/upload\/sites\/3\/2019\/01\/CBN-1062x598.jpg\",\"keywords\":[\"CBN\",\"Monetary Policy\",\"Payments Service Provider\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-fresh-guidelines-on-payments-system#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-fresh-guidelines-on-payments-system\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/cbn-issues-fresh-guidelines-on-payments-system\",\"name\":\"CBN issues fresh guidelines on payments system - 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