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    Home»Business Matters»CBN issues banks, PSPs to process bulk payments on their platforms

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

    Business Matters By Temitope N.Sep 9, 2021No Comments2 Mins Read
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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.

    Central Bank of Nigeria
    Central Bank of Nigeria

    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.

    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.

    See also  Nigerian banks plans to stop accepting old £20 and £50 notes by end of 2021

    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.

    See also  APC commends Emefiele’s extension of naira swap deadline

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

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