General
CBN gives new directive on payment of salaries, pension taxes
The Central Bank of Nigeria (CBN) has issued a directive for the commencement of the end-to-end electronic payment of salaries, pensions, suppliers and taxes in the country.
The CBN issued the directive in a circular posted on its website on Tuesday and signed by Mr Sam Okojere, Director of Payments System Management Department.
The apex bank said the directive would help to enhance the adoption of electronic payment while ensuring stability in the payment system.
The regulator said further to the implementation of the guideline, commercial banks were to dishonor payment instructions not transmitted through a bank’s approved electronic payment and collection platform.
It said that the new system meant payment instructions and associated schedules would no longer to be transmitted to banks through unsecured channels by qualifying public and private sector organisations.
The apex bank added that enforcement of the directive shall be effective from the date of the issuance of the regulation.
The objective of the end-to-end electronic payment of salaries, pensions, suppliers and taxes initiative is fully aligned with the core objectives of the National Payment System, Vision 2020 (PSV2020).
PSV2020 seeks to ensure the availability of safe, effective and efficient mechanisms for conveniently making and receiving all types of payments from any location and at any time, through multiple electronic channels.
It also seeks to reduce the time and costs of transactions, minimise leakages in revenue receipts and at the same time provide reliable audit trails, thereby making the Nigerian payments system align with international best practices.
-
Technology2 years ago
VoIP Number: Everything You Need To Know
-
Music2 months ago
[Music] Gnash Ft Olivia O’Brien – I Hate you, I Love you
-
Music2 months ago
[INSTRUMENTAL] John Legend – All Of Me
-
Music2 months ago
Alan Walker – Faded [INSTRUMENTAL]
-
Music2 months ago
[Video] 21 Savage ft. Offset & Metro Boomin – Rap Saved Me
-
Music2 months ago
[Instrumental] Wiz Khalifa – See You Again ft. Charlie Puth
-
ANE Stories4 months ago
[STORY] AMAKA THE LESBIAN (Complete Episodes)
-
Music2 months ago
[Music] Akon – Sorry Blame It On Me