Bank And Payment Service Providers To Break Down Bulk Payments – CBN

To promote transparency, the Central Bank of Nigeria (CBN) has urged commercial banks and Payment Service Providers (PSPs) in the country to strengthen their bulk payments and transfers systems. The decision was issued by Mr Jimoh Musa, Director of the CBN’s Payment System Management Department, in a note to banks and PSPs on Monday. Musa asked banks and payment service providers to ensure that such large-scale payments and transfers were processed for their customers on their systems, with a full breakdown of the receiving accounts. “The CBN has become aware of the inherent problems that banks and PSPs face when […]