CBN tightens E-Payment rules for Banks

Flouting the rules guiding e-payment product development by banks will henceforth attract sanctions, the Central Bank of Nigeria (CBN) has warned.

The warning is contained in the apex bank’s guidelines for the development of e-payment products.

The new rules tagged “Digital Financial Services Awareness Guidelines” are primarily packaged to ensure that customers get value for their deposits.

In the guidelines released at the weekend, the CBN directed banks to first seek its approval for their e-payment product and service development.

The apex bank said the directive aligns with the digital financial services awareness scheme meant to bridge the gaps in consumer knowledge and practices for e-products.

It explained that digital financial services have the potential to expand access to financial services for the Nigerian population and spur innovation in the financial service industry.

The apex bank directed the financial institutions to submit developed educational materials to its  Director of Consumer Protection for review.It said: “The guidelines provide for a set of principles and expectations for financial service providers to integrate in the provision of digital financial services to ensure consumer understanding, good treatment, and positive outcomes.