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Home Sectors Financial Services

CBN directs banks, PSPs  to process bulk payments on their platforms

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
September 9, 2021
in Financial Services
Banks, PSPs  should process bulk payments on platforms- CBN 
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The Central Bank of Nigeria (CBN) has instructed banks and payment service providers (PSPs) to begin processing end-to-end bulk payments or transfers on their platforms and to keep a breakdown of the accounts that get credits in the sender’s bank’s custody.

This was disclosed in a circular to the banks titled: “Disaggregation of Bulk Payments”, signed by Director, Payments System Management Department, CBN, Musa Jimoh,

The bulk payment mechanism now in use by banks and other payment providers, according to the apex bank, impedes transparency and audit trail.

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The originating bank or PSP sends a single debit entry through the starting customer’s account and many credits to the beneficiary’s account in the present bulk payment system.

According to the circular, “The CBN has noticed the inherent problems associated with the processing of bulk transfers by banks and payment service providers (PSPs).

Currently, originating banks and PSPs pass a single debit entry through the initiating customer’s account and multiple credits to beneficiaries without adequate records of the credit entries in their system. This distorts the audit trail and hampers transparency.

In order to address this challenge, the CBN hereby directs that all end-to-end bulk payments or transfers shall henceforth be processed on the platforms of banks or PSPs for their customers with a detailed breakdown of the accounts that receive the credits retained in the custody of the sender’s bank.

All banks and PSPs are required to ensure full compliance with this requirement and all other payment system regulations.”

In case you missed it

All commercial banks have been ordered by the Central Bank of Nigeria (CBN) to publish on their websites, the names, and Bank Verification Numbers (BVN) of customers who participate in fraudulent and unscrupulous tactics to obtain foreign exchange from banks.

The Central Bank of Nigeria maintains that there would be a convergence of exchange rates despite the depreciation seen in the black market.

Tags: CBNpayment service providers (PSPs)
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

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Comments 1

  1. Emmanuel says:
    September 9, 2021 at 3:20 pm

    Am Emmanuel Egwu Chijioke from Anambra state I didn’t receive covid 19 rehenbument please I need help from federal government please.

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