CBN cautions banks on regulations, int'l best practices

The Central Bank of Nigeria, CBN, has promised that it would not hesitate to apply appropriate sanctions against banks that flout laid down regulations and international best practices.

Director, Banking and Payments System Department of the CBN, Mr. Dipo Fatokun, stated this while delivering a paper on 'Overview of Electronic Payments Regulation and Development in Nigeria,' at a seminar in Owerri.

'The CBN has consistently ensured a review of compliance status of banks with regulations and international standards. Appropriate sanctions are applied, where banks are found to have defaulted.'

On the e-payment system, the CBN Director said that in view of its role in the economy, the payments system must be reliable, secure and efficient in meeting the needs of users for the purpose of settling payment obligations.

'The regulatory framework for the smooth functioning of the payment system is therefore, critical to building confidence and encouraging usage and development of the payment system,' Fatokun said.

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He noted that with the increasing sophistication of electronic payments, there was the need to ensure that users of electronic payments have confidence in the services and that they are protected and provided with effective and efficient payment services.