The Central Bank of Nigeria (CBN) has issued a regulatory framework to all Deposit Money Banks, Payment Service Providers and Other Financial Institutions on the acquisition of Non-bank merchant in Nigeria.
Disclosing this in a circular titled, ‘ISSUANCE OF THE REGULATORY FRAMEWORK FOR NON-BANK ACQUIRING IN NIGERIA’, the apex bank stated that the framework is in furtherance of its mandate to promote a sound financial system and facilitate the development of electronic payment systems in Nigeria.
According to the circular, “The framework sets out the rules for the operation of Non-Bank Merchant Acquiring in Nigeria as a regulated service and provides minimum standards and requirements for the operations of Non Bank Acquiring in Nigeria, including the rights and obligations of the parties involved in the process.
“It also compels Non Bank Merchant Acquirers to meet the minimum standards of operations, as approved by the Bank.
“This Regulatory Framework shall guide activities of the participants in the provision of Non-Bank Acquiring services in Nigeria.”
CBN further warned all stakeholders to ensure strict compliance with the framework and all other regulations, as the it would continue to monitor developments and issue guidance as may be appropriate.
Click HERE to see framework.