The Central Bank of Nigeria (CBN) has said National Payment System Operators will be paying a fine of N10,000 per day if they fail to apply for the renewal of an operating licence three months before the expiration date of the licence.
The Apex bank disclosed this in a circular, signed by CBN Director, Banking and Payment Systems Department, Dipo Fatokun.
According to the circular, the operators would also be sanctioned for failure to respond to observations noted by the bank in the course of processing an application for renewal of an operating licence within three weeks.
The circular, which would become effective on April 1, 2018, involves banks, mobile money operators, switches and other payment system service providers.