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CBN Issues Directive on Electronic Payment of Salaries

The Central Bank of Nigeria has issued a directive for the commencement of the end-to-end electronic payment of salaries, pensions, suppliers and taxes in the country.
The apex bank said the directive would help to enhance the adoption of electronic payment while ensuring stability in the payment system.
The regulator said further to the implementation of the guideline, commercial banks were to dishonor payment instructions not transmitted through a bank’s approved electronic payment and collection platform.
It said that the new system meant payment instructions and associated schedules would no longer to be transmitted to banks through unsecured channels by qualifying public and private sector organisations.
The apex bank added that enforcement of the directive shall be effective from the date of the issuance of the regulation.

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